Overview

• On July 29, the NCLT Hyderabad bench allowed Y. S. Jagan Mohan Reddy’s petition to annul the 2024 transfer of shares held by him and his wife Bharathi Reddy to his sister Y. S. Sharmila and mother Vijayamma.
• The tribunal’s order restores Jagan’s and Bharathi Reddy’s stakes in Saraswati Power, which had been moved under contested gift deeds tied to a 2021 memorandum of understanding.
• The share transfers occurred in 2024 while the Enforcement Directorate had attached Saraswati Power shares during a money laundering investigation.
• Company records show Jagan and Bharathi Reddy hold 29.88% and 16.30% of Saraswati Power’s shares respectively, with Vijayamma holding 48.99% and Classic Realty Pvt. Ltd. owning the remainder.
• Y. S. Sharmila’s advocate, K Devi Prasanna Kumar, has announced plans to appeal the NCLT verdict at the Appellate Tribunal or High Court.