NCLT Hears Jagan Reddy’s Plea on Saraswati Power Shares
The National Company Law Tribunal (NCLT) Bench at Hyderabad on Thursday heard the applications filed by AP former chief minister Y.S. Jagan Mohan Reddy, his wife Y.S. Bharathi and Classic Realty Company Ltd, seeking to annul the transfer of around their 51 per cent equity shares in Saraswati Power and Industries Private Ltd to his mother Y.S. Vijayalakshmi and sister Y.S. Sharmila.
Hyderabad:The National Company Law Tribunal (NCLT) Bench at Hyderabad on Thursday heard the applications filed by AP former chief minister Y.S. Jagan Mohan Reddy, his wife Y.S. Bharathi and Classic Realty Company Ltd, seeking to annul the transfer of around their 51 per cent equity shares in Saraswati Power and Industries Private Ltd to his mother Y.S. Vijayalakshmi and sister Y.S. Sharmila.
On the request of the parties concerned for more time to file counter affidavits, the NCLT adjourned the hearing to April 3.
Jagan Mohan Reddy stated mentioned that transfer of shares on July 6, 2024, was illegal and without complying with the sine qua provisions of the Companies Act. He sought to annual the transfer of their 1,26,76, 294 equity shares in Saraswati Power to Vijayalakshmi who held 1,21,74,207 shares, or 48.99 per cent, in the company.
Vijayalakshmi has already filed a counter stating that Jagan Mohan Reddy and his wife were unnecessarily bringing the name of Sharmila in the issue.
