Jagan Reddy Tells NCLT He Can Revoke Gift of Shares to Sister Sharmila
Senior counsel brought to the notice of the bench that the gift agreement was without transfer of physical share certificates and forms related to share certificates.
Hyderabad: AP former chief minister Y.S. Jagan Mohan Reddy on Wednesday told the National Company Law Tribunal (NCLT) Bench at Hyderabad that he could revoke the gift agreement made with her sister Y.S. Sharmila in shares in Saraswathi Power Ltd. He submitted that the MoU between them had been cancelled and the gift agreement had no legal validity.
Senior counsel and YSRCP MP S. Niranjan Reddy, appearing for Jagan Mohan Reddy, submitted the arguments before the NCLT in the petitions filed by Jagan Mohan Reddy and wife Bharati challenging the transfer of shares in Saraswathi Power Ltd to Sharmila through a gift deed executed by their mother Y.S. Vijayamma.
Senior counsel brought to the notice of the bench that the gift agreement was without transfer of physical share certificates and forms related to share certificates.
Company board member Yashwant submitted to the NCLT that a fabricated paper was created to show that he had attended the meeting which ratified the transfer of shares, even though he was not at the meeting. The NCLT noted the points made by counsels of Jagan Mohan Reddy, Vijayamma and Sharmila and adjourned the hearing to May 30, directing the parties to submit written arguments if they wanted to do so.