The hearing of Ramoji Rao and Sailaja Kiron’s quash petition in the AP High Court for the alleged threatening and illegal transfer of shares case has been adjourned to Wednesday.
Yuri Reddy, the son of Gadireddy Jagannath Reddy, one of the founders of Margadarsi Chit Funds, has filed a complaint with the AP CID. He claims that his shares in Margadarsi were transferred to Sailaja Kiron’s name using forged signatures and documents. He alleges that he was forced to transfer the shares at gunpoint. An FIR was registered against Ramoji Rao and Sailaja Kiron under Sections 420, 467, 120-B, read with IPC section 34.
Ramoji Rao and Sailaja have filed a quash petition in the High Court challenging the CID FIR. The CID counsel stated that no strict action will be taken against Ramoji by Wednesday. The High Court has decided to hear arguments from both sides.
Supreme Court advocate Siddhartha Luthra, who was arguing on behalf of Nara Chandrababu in another case, is representing Ramoji and Sailaja.
Yuri Reddy claims that his late father had shares in Margadarsi Chit Funds and stated that his father invested Rs. 5,000 when Margadarsi started in 1962, resulting in him having 288 shares. He further mentioned that his father passed away in 1985 and when he and his brother went to inquire about their father’s shares, they found out that not a single share was in their name. They discovered that the 288 shares in Yuri Reddy’s name had been transferred to Sailaja Kiron’s name in 2016.
It is alleged that Yuri Reddy’s signatures were forged and his shares were unlawfully transferred. As a result, Yuri Reddy filed a complaint with the AP CID, leading to the registration of an FIR. Ramoji Rao was named A-1, and Sailaja Kiron was named A-2 in the FIR.
According to advocate Sivaram Reddy representing Yuri Reddy, Margadarsi Chit Funds was established in 1962 by GJ Reddy. Ramoji Rao invested Rs. 5,000 in the company. GJ Reddy passed away in 1985, and Yuri Reddy was unaware of their shares in Margadarsi. Yuri Reddy and his brother found out about the existence of GJ Reddy’s shares in 2014. A check with the Registrar of Companies confirmed the existence of these shares.
The advocate stated that from 1995 to 2016, Sailaja Kiron held only 100 shares, while Yuri Reddy held 288 shares. It is alleged that GJ Reddy’s shares were transferred forcibly to Sailaja Kiron without his consent. It is claimed that Yuri Reddy’s shares were illegally transferred to Sailaja Kiron through threats and forgery. A case was registered on October 13 after Yuri Reddy complained to the CID.