YS Jagan Mohan Reddy and his wife YS Bharathi are out there to destroy Sharmila completely for politically differing with them.
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They are trying to hit Sharmila’s financial roots. They approached the National Company Law Tribunal (NCLT), Hyderabad to cancel his Gift Deed that transferred some shares of Saraswati Power Company to his sister Sharmila and mother Vijaya Lakshmi.
In his submission, Jagan stated, “YS Sharmila, without gratitude and regard to the well-being of me, conducted a series of actions that have deeply hurt me. These actions, coupled with untrue and false statements made publicly, have been politically opposed to me and have caused deep personal disrepute.”
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Jagan further added in the petition, “The relationship between them has strained to such an extent that all love and affection between the siblings melted down. Her uncharitable aspersions, made at a personal level, are politically motivated and have agonized Jagan immensely.”
The former Chief Minister also highlighted that his intention to transfer certain properties and shares to Sharmila was based purely on love and affection. However, due to the recent events, Jagan stated, “There is no love left between the two siblings, and I decided not to proceed with the transfer of shares or properties.”
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So what happens next?
Gift Deeds contain certain conditions and can be revoked. We do not know if the conditions are present in these Gift Deeds.
Jagan claims that Saraswati Power and Industries is his hard-earned property and need not be shared with anyone except out of love. The company was established in 1999 by the late YSR. It flourished after YSR came to power with the help of the then Government.
In 2014, Chandrababu Naidu canceled the Mining lease to the company. After coming to power in 2019, Jagan reinstated the Mining lease for an extended period of 50 years and also gave permanent Krishna Water allocation. In fact, Saraswati Power is the only company to receive a lifetime allocation of water resources.
Keeping aside the intricate details, the foundation of Saraswati Power Company lies in the Political Favors extended by YSR during his tenure as the Chief Minister. In fact, YSR’s well-wishers say the initial capital of the company is completely YSR’s.
There is no on-record evidence that Jagan did some job and earned money to invest in any of his businesses. After education, he inherited his father’s businesses.
In Jagan’s disproportionate assets cases, the ED alleged that its investigations under PMLA revealed that Jagan laundered the proceeds of crime through his group companies including Saraswati Power in the form of investments, purchase of movable and immovable properties, third-party payments, etc.
That itself indicates the company is not Jagan’s hard-earned money but inherited from his father YSR (Ill-gotten if proven in the future). If it is inherited, Jagan denying a share for Sharmila is totally illegal and unreasonable.
This issue may finally land in the disproportionate assets cases of Jagan. It maybe pre-planned to deny Sharmila her share until those cases are disposed of.
Jagan Mohan Reddy often talks about Vennupotu But this Ammamma of Vennupotu.
