YSR didn't divide family assets: Jagan Reddy's mother amid property feud

YS Vijayamma, the widow of former Andhra Pradesh Chief Minister YS Rajasekhara Reddy, said all assets belonged to the joint family and said her children YS Jagan Mohan Reddy and YS Sharmila would settle the property dispute.

In Short

• YS Vijayamma requested privacy amid property feud between her children
• Jagan Reddy filed plea against sister YS Sharmila over shares of his property
• YS Sharmila maintained assets are family properties, not personal

YS Vijayamma, the mother of former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and state Congress chief YS Sharmila, said her family assets were not divided when her husband was alive amid an ongoing property dispute between her children.

In an open letter, Vijayamma, the widow of former Andhra Pradesh Chief Minister YS Rajasekhara Reddy, said all assets belonged to the joint family and said Jagan Reddy and Sharmila would settle the matter.

Requesting privacy for the family, Vijayamma accused YSRCP leaders Vijaysai Reddy and VY Subba Reddy of giving a false narrative about the matter, despite knowing the facts.

Recently, Jagan Reddy filed a plea against Sharmila and Vijayamma at the National Company Law Tribunal (NCLT) over a share dispute in Saraswati Power and Industries Private Limited. Jagan Reddy said he initially intended to allocate shares to Sharmila "out of love and affection" for her, but he withdrew the offer due to her recent political opposition to him.

Sharmila contested her brother's allegation, claiming that she was targeted once she ventured into politics, despite maintaining that her involvement was for "family respect and YSR's reputation".

In her letter, Sharmila stated that all the businesses established by her father were family businesses, adding that it was her father’s wish for equal division of assets among his four grandchildren. Refuting claims that she sought Jagan Reddy's personal property, she clarified that the assets in question are "family properties, not individual holdings".

Jagan Reddy, on his part, has tried to downplay the feud, saying it was "ghar ghar ki kahani" (every household's story).

WHAT DOES JAGAN REDDY'S PLEA ALLEGE?

The plea, filed under Section 59 of the Companies Act, seeks rectification of the register of members. Jagan Reddy and his wife YS Bharathi Reddy claim Sharmila and Vijayamma played a significant role in the growth of Saraswati Power and Industries Private Limited, and had signed an agreement to transfer a portion of his shares to Sharmila in 2019. However, the allocation was never finalised, leading to the current dispute.

Since these assets were under attachment by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) due to ongoing legal cases, the agreement explicitly stated that the transfer would only happen once the legal issues were resolved.

Despite being aware that the assets were legally attached and under court restrictions, Sharmila allegedly transferred shares from Vijayamma's name, citing the agreement, Jagan's plea claimed.

The case was listed in the NCLT on September 10 and the tribunal will hear the case on November 8.