YS Sharmila, the APCC chief, recently raised serious concerns about share transfers, financial dealings, and the ongoing bail controversy involving her brother Jaganmohan Reddy. Addressing the media, she criticized YSR Congress Party (YCP) leaders’ claims that there is a conspiracy to cancel Jagan’s bail. Sharmila clarified that share transfers have no connection to the bail status and questioned whether Jagan was aware of the legal implications when certain agreements were signed.
MOU and Transfer of Shares
Sharmila questioned if Jagan had knowingly signed a Memorandum of Understanding (MOU) in 2019, agreeing to transfer 100 percent of shares to her. She wondered aloud whether he had considered the risk of his bail being revoked during that period. Referring to a 2021 deal, she highlighted the transfer of Saraswati Power shares, owned by Classic Reality under Sandur Power, to their mother Vijayamma. The shares, reportedly sold for Rs. 42 crores, raised questions for Sharmila. She criticized the entire transaction, calling it suspicious and poorly managed.
Questioning Claims of Conspiracy
Sharmila strongly rejected the allegations made by some YCP leaders that efforts were underway to cancel Jagan’s bail. She labeled the claim as “the biggest joke of the century.” She emphasized that the Enforcement Directorate (ED) did not attach any shares in connection to the case. Instead, she clarified, the assets involved were immovable properties worth Rs. 32 crores. According to her, these types of attachments do not restrict the transfer or trading of shares in the stock market.
No Restrictions on Share Transfers
Sharmila stressed that there were no restrictions on the transfer of shares despite the ED’s actions. She pointed out that even in previous instances when the ED attached assets of other companies, share transfers or trading in the stock market continued as usual. It was misleading, she said, for anyone to suggest that the attachment of lands or properties would halt the transfer of shares. Referring to 2016, Sharmila expressed disbelief at the argument that the shares could not be transferred due to ED’s involvement.
The 2021 Saraswati Power Share Transfer
Sharmila took particular issue with the sale of Saraswati shares in 2021, which were reportedly sold by Sandur Power to Vijayamma for Rs. 42 crores. She noted that there had been no violations of any legal status quo during the transaction, contradicting the claims made by some critics. She revealed that both Jaganmohan Reddy and Bharti Reddy signed and gifted their shares to Vijayamma, including providing folio numbers. Sharmila accused those involved of now playing politics over the matter and distorting facts.
NCLT Case and Political Motivations
Sharmila also mentioned that the case involving these shares is currently being examined by the National Company Law Tribunal (NCLT), making it sub judice. She asserted that discussing the case publicly is inappropriate. Despite the ongoing proceedings, Sharmila maintained that the bail issue had no connection to the share transfers. She added that Vijayamma herself acknowledged there were no legal challenges to Jagan’s bail status.
Denial of Vijayamma’s Letter
Referring to a letter allegedly written by Vijayamma, Sharmila distanced herself from the document. She denied any involvement in drafting the letter and said, “If Vijayamma did not write the letter herself, it has nothing to do with me.” She criticized those trying to politicize the letter and emphasized that the people accusing her should condemn the letter themselves if it was indeed fabricated.
Conclusion
In her media briefing, YS Sharmila dismissed the conspiracy theories around Jagan’s bail and defended the legality of the share transfers. She clarified that neither the ED’s actions nor the NCLT case pose any threat to her brother’s bail. Sharmila expressed frustration over the politicization of the issue and urged the public to focus on facts rather than false narratives. With the ongoing NCLT case, Sharmila insisted that her family has followed all legal procedures and that the claims of conspiracy are baseless.
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