Jagan accuses Sharmila of 'illegally' transferring shares, moves tribunal saying "no love left"

Chief YS Jagan Mohan Reddy has moved the NCLT accusing his sister and AP Congress president YS Sharmila of illegally transferring shares of Saraswati Power and Industries holding by him and his wife Bharathi, on her and their mother Vijayamma's name.

The feud between Jagan and Sharmiala took a new turn in the form of the legal battle with the petition filed last month in the Hyderabad Bench of National Company Law Tribunal being taken up and posted to November for further hearing.

In the petition, Jagan said he entered into an MoU with Sharmila wherein he said that "out of love and affection" would transfer his and his wife's shares of Saraswati Power and Industries through gift deed to his estranged sister, subject to pending cases in respect of some properties including attachments by the Enforcement Directorate. Jagan in a letter to his sister opined that the share transfer without fulfilling the legal obligations and clearance from court would potentially have adverse implications.