Jagan Mohan Reddy vs YS Sharmila over shares: 'No love left between siblings'

Jagan Mohan Reddy said he entered into an MoU with YS Sharmila "out of love and affection".

Former Andhra Pradesh chief minister YS Jagan Mohan Reddy has moved NCLT against his sister, Congress leader YS Sharmila, claiming the latter had illegally transferred Saraswati Power and Industries' shares to herself and their mother, Vijayamma.

Jagan alleged that the transfer of shares took place without fulfilling legal obligations.(File photo)

In the petition, Jagan Mohan Reddy said he entered into an MoU with YS Sharmila "out of love and affection".

However, due to his sister's inimical comments and actions against him, there is "no love left between the two siblings", the petition said. He said he has decided to not proceed with his expression of intent to transfer the shares/properties as envisaged under the MoU and gift deed.

Jagan alleged that the transfer of shares took place without fulfilling legal obligations and clearance from the court.

He wants the revocation of the MoU.

"It is no secret that we are no longer on the best of terms, and in view of this changed situation, I wanted to formally intimate you and put you on notice that I have no further intent to act upon my original intent as expressed in the MoU," he wrote in the letter.

Jagan said the properties, acquired by their father, former Chief Minister YS Rajasekhar Reddy and the ancestral ones, were divided among the family members, reported PTI.

The two entered into the MoU on August 31, 2019, under which he will transfer his and his wife Bharathi's shares to Sharmila at a later date after completing due process.

“It is humbly submitted that to the utter shock and surprise of the petitioners…respondent No 1 (Saraswati Power and Industries) company-wide board resolution has transferred the entire shareholding of petitioner no 1 and 2 (Jagan and his wife, respectively) in favour of respondent no 2 (Sharmila) and entire shareholding of petitioner number three (Classic Realty, owned by the family), herein in favour of respondent No 3 (Vijayamma),” Jagan alleged.

The YSRCP chief said Sharmila, without gratitude and regard for the well-being of her brother, conducted a series of actions that deeply hurt him and that she also made several untrue and false statements publicly.

"The actions of Respondent No 2 (Sharmila) herein have strained the relationship between the siblings and have further resulted in the melting down of all the love and affection the brother had for his sister," his petition said.

With inputs from PTI