Jagan files petition against mother Vijayamma and sister Sharmila in NCLT over shares in Saraswati Power Ltd.

Jagan files petition against mother Vijayamma and sister Sharmila in NCLT over shares in Saraswati Power Ltd. The NCLT issues notices to all respondents and schedules the next hearing to November 8.

YSR Congress Party (YSRCP) president Y.S. Jagan Mohan Reddy and his wife Bharati filed a petition, claiming their rightful share in M/s Saraswati Power and Industries Pvt. Ltd. (SPIPL), in the National Company Law Tribunal (NCLT), Hyderabad.

Mr. Jagan Mohan Reddy’s petition against his sister Y.S. Sharmila and mother Y.S. Vijayamma also names Janardhana Reddy Chagari, Yaswanthreddy Kethireddy, and other respondents, including the Registrar of Companies in Telangana.

The case, which was listed in the NCLT on September 10, was filed under Section 59 of the Companies Act, which deals with rectification of the register of members.

Mr. Jagan Mohan Reddy and Ms. Bharati argued that they played a major role in the growth of SPIPL, and since the allocation of shares to Ms. Sharmila as per a Memorandum of Understanding signed on August 21, 2019, was not done, their rightful number of shares should be given to them.

The NCLT issued notices to all the respondents with regard to Mr. Jagan Mohan Reddy’s petition and interlocutory applications thereof, and scheduled the next hearing to November 8, 2024.