Enforcement Directorate (ED) the other day served Possession Notices to some assets of Jagan Mohan Reddy including his Lotus Pond Residence. Jagan’s Illegal Team is exploring the possibilities of obtaining a Stay from the Hyderabad High Court. On the other side, if Jagan could not get the stay, he will have two options.
In 10 days of receiving the notices, Jagan will have to hand over the assets and ED will be making money out of those assets by leasing or renting them. The other option is that Jagan can pay rent to ED and continue retaining those assets with no rights of selling or transferring.
As of now, ED is favour of the first option itself but will accept the second option as well if Jagan wants to exercise it. Jagan Mohan Reddy’s Counsel will file a petition for the stay in Hyderabad High Court on Monday. In case, there is no favourable judgement, he may approach the Supreme Court as well.
