The reports of YSR Congress party president and former Andhra Pradesh chief minister Y S Jagan Mohan Reddy filing a petition in the National Company Law Tribunal (NCLT) against his mother Vijayamma and sister Sharmila have created ripples in the state political circles.
The way Jagan and his wife Y S Bharati made comments against Sharmila in the petition while seeking to withdraw the shares allotted to her and Vijayamma has made many wonder whether he had made an assessment of the repercussions of his move.
Jagan requested that he be allowed to revoke the Memorandum of Understanding signed with his mother over transfer of a total of 1.23 crore shares allotted to her through two different gift deeds, which she had transferred to Sharmila.
As per the submission made before the NCLT, the value of each share is Rs 10. So, the total value of shares transferred by Jagan to his mother would be worth only Rs 12.30 crore. Even if one were to assume that the present value of shares is Rs 100, the total value will be around Rs 123 crore.
This is nothing much, when compared to the worth of Jagan’s massive properties. Yet, he wanted to take back the shares from her mother, who in turn transferred the shares to Sharmila.
Analysts say Jagan’s latest move would definitely send wrong signals not only to the common people, but also his own party leaders and cadre. Irrespective of the political differences with Sharmila, she is after all his sister and Vijayamma his mother.
Taking back the shares from them, for whatever reason, would show Jagan in bad light. Already, he is facing criticism for removing his mother from the honorary president post of the YSRCP and distancing Sharmila for nurturing political ambitions.
“It will give an impression that a person, who had no concern for his own mother and sister, cannot be expected to do justice to the people. This will definitely be a talking point among the people,” an analyst said.
When he was in power, he distributed public money and loans taken from various institutions, back to the people through DBT schemes for the sake of power.
“But when it comes to his own money, he is refusing to share it even with his mother and sister,” the analyst said.
