Andhra Pradesh Congress president YS Sharmila on Friday said that her brother, former chief minister YS Jagan Reddy, “does not own full family assets” and serves only as a “guardian” of them.
She noted that all family businesses were set up when their father, former Andhra Pradesh CM YS Rajasekhara Reddy, was alive.
In an open letter quoted by PTI, Sharmila stated that her father’s intent was for Jagan to ensure the family businesses are divided equally among his four grandchildren – two from Jagan’s side and two from hers.
“They (all the assets) are not owned by Jagan. He is only the ‘Guardian’ of all existing family businesses. It is the responsibility of Jagan to divide all the businesses equally among the four grandchildren. It was the mandate of (late) Rajasekhara Reddy. YSR conveyed his intention to his children and his wife. Close associates, including KVP Ramachandra Rao, YV Subbareddy, and Vijayasai Reddy know about this,” she said.
Sharmila added that over the past 10 years, she has received ₹200 crore as dividends from various family companies, reinforcing that Rajasekhara Reddy intended for his grandchildren to receive equal shares.
What are Sharmila’s demands?
Sharmila said that she has been demanding her rightful share of the family properties, as their late father had intended for all grandchildren to receive equal portions.
“Transfer of shares (of Saraswati Power and Industries) has nothing to do with the cancellation of his bail,” she said. She added that the Enforcement Directorate attached only the land worth ₹32 crore belonging to Saraswati Power and Industries, not the company’s shares.
Sharmila further claimed that Jagan and his supporters believed she was responsible for his defeat in the last Assembly elections. As a result, he sought a settlement on the condition that she would refrain from criticising him, his wife Bharathi, and their cousin, Kadapa MP YS Avinash Reddy. However, Sharmila declined, stating it would be unfeasible as a political leader.
She alleged that the settlement attempt with her brother fell through because she did not agree to his conditions. Later, Jagan Reddy filed a petition against her in the National Company Law Tribunal.
Trade charges over property row
The property dispute between YSR Congress Party president YS Jagan Mohan Reddy and his sister Y S Sharmila intensified the political landscape in Andhra Pradesh, with both sides exchanging accusations on Thursday.
A statement from Jagan’s office indicated that he felt compelled to approach the National Company Law Tribunal (NCLT), alleging that Sharmila and his mother, YS Vijayamma, who he claims acted as an intermediary for his sister, had unlawfully and deceptively transferred shares of Saraswati Power and Industries Private Limited into their names.
In September, Jagan Reddy filed a petition with the NCLT, accusing Sharmila of unlawfully transferring shares of Saraswati Power and Industries held by him and his wife, Bharathi, to herself and their mother, Vijayamma.
On Thursday, Reddy downplayed his petition to the NCLT, which seeks to reverse his sister’s share transfer, describing it as “ghar ghar ki kahani” or a “common family matter.”