Who will receive how much in the second payout from Franklin Templeton s shut schemes thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Six Franklin Templeton schemes receive ₹475 cr
February 28, 2021
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The six debt schemes of Franklin Templeton India received ₹475 crore from maturities, coupons and prepayments in the fortnight ended February 26.
The total inflow into these schemes stands at ₹15,048 crore since April 23, when the debt funds were suspended abruptly for investment and redemption.
As per the Supreme Court direction, SBI Funds Management has distributed ₹9,122 crore available in the five of the six cash-positive schemes. The remaining ₹1,180 crore will be distributed in tranches without waiting for liquidation of all securities in the portfolio, said the fund house.
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Franklin Templeton had raised debt to meet the initial redemption pressure in these schemes early last year and repaid them before distributing the surplus to investors.
Maulik Madhu
BL Research Bureau |
Updated on
February 05, 2021
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The AMC should distribute ₹9,122 crore to affected investors. But investors in Franklin India Income Opportunities Fund will not receive any part of this amount.
Following the sudden closure of six debt mutual fund schemes by Franklin Templeton Mutual Fund on April 23, 2020, all redemptions from the scheme were halted. Investors were left wondering when their money invested in these schemes would be returned.
On February 2, the Supreme Court directed Franklin Templeton MF to distribute ₹9,122 crore to the unitholders of the wound up schemes within 20 days. With this, the affected investors are for the first time, set to receive a part of their money blocked in these schemes since April 2020. SBI MF will handle the disbursement.
Synopsis
According to the observer’s (TS Krishnamurthy) report over 90% of the unit holders in these six schemes have voted for winding up.
Franklin Templeton Mutual Fund has got a YES nod from the unit holders to wind up the six shut schemes. The observer’s (TS Krishnamurthy) report suggests that over 90% of the unit holders in these six schemes have voted for winding up, sources suggest. The e-voting process took place from December 26-28, 2020. SEBI had appointed Taruvai Subayya Krishnamurthy, the former chief election commissioner of India as the observer for e-voting. “We are thankful to our unitholders for voting overwhelmingly in favour of the orderly winding up in all 6 schemes. We deeply appreciate the support of our investors and partners and hope to commence distribution of investment proceeds at the earliest, subject to the directions of the Hon’ble Supreme Court in the next hearing scheduled to be held on 25 January 2021,” Franklin Templeton Mutual Fund sta
Franklin Templeton gets unit holders nod for closure of 6 debt schemes daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.