The ongoing property dispute within the Y S Rajasekhar Reddy family has taken a fresh twist, with his wife Y S Vijayamma accusing her son and former Andhra Pradesh chief minister Y S Jagan Mohan Reddy of taking a U-turn on the transfer of shares in Saraswati Power.
In a detailed counter filed before the National Company Law Appellate Tribunal (NCLAT), Chennai bench, Vijayamma raised serious objections to the actions and arguments of Jagan and his wife Y S Bharathi.
Vijayamma stated that as per a family understanding reached in 2019, the shares of Saraswati Power were originally intended to be transferred to her daughter Y S Sharmila.
However, an alternative arrangement was later agreed upon, under which the shares were to be transferred in Vijayamma’s name.
She alleged that Jagan and Bharathi are now attempting to block this transfer by citing Enforcement Directorate (ED) attachment proceedings, which she described as a deliberate attempt to go back on the earlier agreement.
Vijayamma questioned why Jagan did not object to share transfers in companies such as Sandur Power and Classic Realty, but is now raising concerns only in the case of Saraswati Power.
She pointed out that share certificates and transfer documents had already been executed and handed over, and said the current reversal raises serious doubts about intent. She alleged that the move reflects a broader strategy.
Responding to allegations against her, Vijayamma clarified that she is acting independently and not as a representative or proxy of Sharmila.
She stated that she had legally purchased shares in Classic Realty by paying due consideration, and that the agreements related to these transactions are valid and binding.
While acknowledging her personal relationship with her son, she emphasised that she would not relinquish her legal rights.
In a separate submission, Sharmila also expressed concern that a family understanding based on the legacy of YSR was being given a political dimension.
She alleged that Jagan is unnecessarily dragging her name into the dispute and making allegations unrelated to the original agreements.
Sources said the counters filed by Vijayamma and Sharmila present a strong challenge to Jagan’s arguments, particularly regarding the validity of gift deeds and share transfer agreements.
With Vijayamma asserting that Jagan’s role in the matter has already ended, attention has now shifted to the next hearing scheduled for April 29, which is expected to be crucial.
