YS Sharmila claims Jagan holds family assets as ‘guardian’, not full owner amid property dispute | Latest news India

Andhra Pradesh Congress President YS Sharmila On Friday he said his brother, former Prime Minister YS Jagan Reddy, “does not own all the family assets” and only serves as a “guardian” of them.

He pointed out that all the family businesses were set up when his father, former Andhra Pradesh CM YS Rajasekhara Reddy, was alive.

In an open letter cited by PTI, Sharmila stated that her father’s intention was for Jagan to ensure that the family businesses were divided equally among his four grandchildren – two from Jagan’s side and two from her side.

“They (all assets) are not owned by Jagan. He is only the ‘Guardian’ of all the existing family businesses. It is Jagan’s responsibility to divide all the businesses equally among the four grandsons. It was the mandate of (the late) Rajasekhara “YSR conveyed his intention to his sons and his close associates, including KVP Ramachandra Rao, YV Subbareddy and Vijayasai Reddy, know about this,” he said.

Sharmila added that over the last 10 years she has received $200 crore as dividends from various family businesses, reinforcing that Rajasekhara Reddy intended his grandchildren to receive equal shares.

What are Sharmila’s demands?

Sharmila said she has been demanding her fair share of the family properties as her late father intended all grandchildren to receive equal shares.

“The transfer of shares (of Saraswati Power and Industries) has nothing to do with the cancellation of their bail,” he said. He added that the Inspection Directorate only seized the land for the value $32 crore belongs to Saraswati Power and Industries, not the company’s shares.

Sharmila further claimed that Jagan and his supporters believed that she was responsible for his defeat in the last Assembly elections. As a result, he sought a settlement on the condition that she refrain from criticizing him, his wife Bharathi and his cousin, Kadapa MP YS Avinash Reddy. However, Sharmila refused, stating that she would be unviable as a political leader.

She alleged that the attempt to reach an agreement with her brother failed because she did not agree to his conditions. Later, Jagan Reddy filed a petition against him before the National Company Law Tribunal.

Business Property Dispute Charges

Property dispute between YSR Congress Party president YS Jagan Mohan Reddy and his sister YS Sharmila escalated the political landscape in Andhra Pradesh, with both sides trading accusations on Thursday.

A statement from Jagan’s office said he felt compelled to approach the National Company Law Tribunal (NCLT), alleging that Sharmila and her mother, YS Vijayamma, who he claimed acted as a middleman for his sister, had illegally transferred and deceptively actions of Saraswati. Power and Industries Private Limited in their names.

In September, Jagan Reddy filed a petition with the NCLTaccusing Sharmila of illegally transferring shares of Saraswati Power and Industries held by him and his wife, Bharathi, to her and her mother, Vijayamma.

On Thursday, Reddy downplayed his petition to the NCLT, which seeks to reverse his sister’s share transfer, describing it as “ghar ghar ki kahani” or a “common family matter”.