The ongoing family feud between YSR Congress party president Y S Jagan Mohan Reddy and his sister – Andhra Congress president Y S Sharmila has taken an interesting turn with the latter calling her brother’s claim linking transfer of shares with his bail cancellation a big bluff.
Following the controversy surfacing in the media on Thursday, Sharmila’s office issued a statement rejecting her brother’s claim that he had filed a case against mother and sister because he runs the risk of his bail getting cancelled.
“So in short, Jagan is saying, he will go any lengths even drag his mother to court in order to protect himself,” she said.
Sharmila made it clear that the Enforcement Directorate had not attached the shares of the Saraswati Power and Industries.
“It only attached the company land worth Rs 32 crore. Shares of the company were never attached and could be transferred at any point in time,” she said.
In fact, she argued that the ED attachment of any company’s property never stopped the transfer of shares of that company. There are many companies even in the stock markets that have their company lands or assets attached by ED, and yet are freely traded and shares transferred, she pointed out.
She wondered if Saraswati shares cannot be transferred post the ED attachment in 2016 and transferring the shares will result in his bail getting cancelled, how Jagan had signed in the MoU that clearly stated that all shares would be transferred to Sharmila immediately to allow her to implement the project.
“This point was highlighted in MOU and yet his bail did not get cancelled,” she said.
Similarly in 2021, Jagan allowed Vijayamma to buy the company’s shares held by Classic Realty and Sandur for Rs 42 crore.
“And in the same year, he signed and gifted his and his wife’s shares along with folio Nos. mentioned to Vijayamma and yet his bail did not get cancelled,” she said.
Sharmila alleged that Jagan, after his defeat in the elections in June 2024, did not want to be part of Saraswati and wanted to run the cement unit under the banner of Bharathi Cements.
“That’s why he has now raised the issue of the ED attachment, making it sound like shares cannot be transferred,” she said.