YSR Congress Party president Jagan Mohan Reddy and his mother Vijayalakshmi have submitted their written arguments to the National Company Law Tribunal in Hyderabad regarding their ownership claims in Saraswati Power Company. The legal battle centers around who actually controls this power generation company.
YS Jagan maintains that Saraswati Power Company belongs to him through his own earnings and efforts. He claims to hold a 51.01% stake in the company, making him the majority shareholder. However, his mother YS Vijayalakshmi presents a different picture altogether.
YS Vijayalakshmi argues that she owns the entire company, stating that 99.89% of shares were transferred to her name long ago. She insists that the company operates completely under her control and authority.
Adding another twist to this family dispute, the Saraswati Power Company management has made its own statement. They acknowledge YS Vijayalakshmi as their rightful owner and revealed that YS Jagan had already resigned from the company board some time back.
This creates a complex situation where the YS Rajasekhar Reddy son claims majority ownership while the YS Rajasekhar Reddy wife asserts complete control, and the company itself backs the mother’s position.
Desperate YS Jagan who blames his own Mother and Sister has approached the National Company Law Tribunal seeking to stop any further share transfers and demanding restoration of his stake in the power company. During the hearing held earlier this month, lawyers representing both YS Jagan and his mother, as well as the company, presented their complete arguments before the tribunal.
The court had postponed the case to June 30th to allow all parties to submit their written arguments properly. However, yesterday’s hearing got delayed because one member of the bench was on leave, preventing the tribunal from reserving judgment.
The next hearing in this high-profile YS Rajasekhar Reddy family business dispute has now been scheduled for July 11th, when the tribunal will examine all evidence and arguments to determine the rightful ownership of Saraswati Power Company.
