YS Jagan Gets Major Relief in Saraswati Power & Industries Shares Case

Andhra Pradesh Former Chief Minister and YSR Congress Party Chief YS Jagan Mohan Reddy has received major relief in the Saraswati Power & Industries shares case. On Tuesday, the Hyderabad bench of the National Company Law Tribunal (NCLT) ordered a halt to the ongoing share transfer process.

Last September, Jagan filed a petition claiming that some shares of Saraswati Power & Industries were illegally transferred by his family members. He requested the tribunal to stop the process and to restore the shares back to their original state by updating the names in the company’s register.

Jagan's lawyer argued that the share transfer happened fraudulently before the 'gift' process was completed. According to the rules, shares should only be transferred after proper documentation and submission of relevant forms. However, in this case, the shares were transferred without following the correct procedure.

Jagan and others requested the tribunal to stop the share transfer process until a final verdict is given.

The case was under review for ten months. Judicial member Rajeev Bharadwaj and technical member Sanjay Puri heard the arguments and had reserved their judgment two weeks ago. Finally, agreeing with Jagan’s lawyer, the tribunal ruled that since CBI and ED cases are still under investigation, no share transfers can take place at this time.