Franklin Templeton case: Unitholders vote in favour of winding up of six debt schemes
The Supreme Court to hear the matter on January 25, 2021, to give directions on how the funds should be paid back to the unitholders at the earliest January 19, 2021 / 07:20 AM IST
The verdict is in. Unitholders of the six schemes in Franklin Templeton Mutual Fund (FT MF) have voted in favour of winding up the six debt schemes, showed the observers’ report submitted before the Supreme Court (SC), which was disclosed on January 18, 2021.
According to people in the know, more than 90 percent of the votes cast for the six schemes were in favour of the wind-up. The SC will next meet on January 25, 2021, to give directions on how the funds in the schemes should be paid back to the unitholders.
Franklin Templeton gets unitholders nod to wind up six debt schemes
Over 90 per cent of the unitholders voted for winding up of six debt schemes of Franklin Templeton Mutual Fund for which electronic voting took place between December 26-28, 2020
BusinessToday.In | January 18, 2021 | Updated 20:06 IST
Franklin Templeton Mutual Fund gets unitholders nod for winding up of six debt schemes
Franklin Templeton Mutual Fund has received consent of unitholders for winding up of its six debt schemes, as per the observers report submitted before the Supreme Court. The report, which was disclosed on January 18, 2021, reportedly suggest than more than 90 per cent of the unitholders in these six schemes have voted for winding up.
Read more about Franklin Templeton MF s 6 shut schemes generate Rs 13,789 cr since closure on Business Standard. Franklin Templeton Mutual Fund on Sunday said its six shut schemes have received Rs 13,789 crore from maturities, pre-payments and coupon payments since closing down in April
Franklin Templeton MF on Sunday said its six shut schemes have received Rs 13,789 crore from maturities, pre-payments and coupon payments since closing down in April.
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While the Association of Mutual Funds in India (AMFI) has reportedly filed a special leave petition (SLP) in the Supreme Court (SC) in the Franklin Templeton Mutual Fund (FTMF) issue, the Midas Touch Investors Association (MTIA) has asked market regulator Securities and Exchange Board of India (SEBI) to suspend for one year the registration certificate of FTMF.
In a representation addressed to Ajay Tyagi, chairman of SEBI, Virendra Jain, founder and president of MTIA, says, You are requested to suspend their respective certificate of registrations granted by SEBI, under mutual funds regulations, to undertake activities relating to operating mutual funds in India for one year for making false, misleading, biased and deceptive statements while seeking consent of unitholders via e-voting.