Family Assets and Joint Ownership
YS Vijayamma, widow of former Andhra Pradesh Chief Minister YS Rajasekhara Reddy, has publicly stated that all family assets remain undivided following her husband’s death. This statement comes amid a contentious property dispute involving her children, YS Jagan Mohan Reddy and YS Sharmila. Vijayamma emphasized that the assets belong to the joint family and expressed her belief that her children would ultimately resolve the matter.
Request for Privacy
In an open letter, Vijayamma requested privacy for her family during this tumultuous time. She accused leaders of the Yuvajana Sramika Rythu Congress Party (YSRCP), specifically Vijaysai Reddy and VY Subba Reddy, of spreading false narratives regarding the family’s financial situation, despite being aware of the facts.
Ongoing Legal Dispute
Recently, Jagan Reddy filed a plea against his sister Sharmila and their mother at the National Company Law Tribunal (NCLT) regarding a share dispute in Saraswati Power and Industries Private Limited. He claimed that while he initially intended to allocate shares to Sharmila out of affection, he retracted the offer due to her political opposition.
Sharmila’s Counterclaims
In response, Sharmila has defended her position, asserting that the assets are family properties rather than personal holdings. She highlighted that her father wished for equal division of assets among his grandchildren and accused her brother of targeting her politically since she entered the public sphere.
Details of the Legal Plea
Jagan Reddy’s plea, filed under Section 59 of the Companies Act, seeks rectification of the register of members. He and his wife, YS Bharathi Reddy, claim that both Sharmila and Vijayamma played vital roles in the growth of Saraswati Power and Industries and had previously agreed to share a portion of Jagan’s shares with Sharmila. However, this agreement was never finalized, leading to the current dispute.
Legal Complications
The ongoing legal issues complicate matters further, as the assets in question are currently under attachment by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) due to various legal cases. Jagan Reddy’s plea alleges that Sharmila unlawfully transferred shares from Vijayamma’s name despite knowing the legal restrictions.
Upcoming Tribunal Hearing
The case is set to be heard by the NCLT on November 8, which will determine the next steps in this high-profile family dispute.
