NCLT heard arguments in YS Jagan`s petition against YS Sharmila

Hyderabad: The National Company Law Tribunal (NCLT) Hyderabad bench on Thursday heard the arguments in the petitions filed by Andhra Pradesh former chief minister Y.S. Jagan Mohan Reddy and his wife Y.S. Bharati challenging the transfer of shares in Saraswathi Power Ltd to his sister Y.S. Sharmila through a gift deed executed by his mother Y.S. Vijayamma.

Senior counsel S. Niranjan Reddy appearing for Jagan Mohan Reddy argued that the transfer of shares was invalid as the gift deed process was not complete though the agreement was made in 2019 amnd the gift deed was made in the name of his mother Vijayamma in 2021. Documents and certificates related to the shares had not been provided.

Niranjan Reddy submitted that with status quo orders from the High Court being in place, in relation to the CBI probe into Jagan Mohan Reddy’s disproportionate assets cases, the transfer of shares of the respective companies was not possible.

Jagan Mohan Reddy’s s contention was that the transfer of shares was done without his signatures.