Read more about Franklin Templeton gets investors nod for winding up six schemes on Business Standard. The fund house could take second vote for appointing a liquidator
Supreme Court to decide on distribution of money to Templeton unitholders after hearing objections to e-voting
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Supreme Court to decide on distribution of money to Templeton unitholders after hearing objections to e-votingPTI
Last Updated: Jan 18, 2021, 07:58 PM IST
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Synopsis
The apex court is hearing an appeal filed by Franklin Templeton against the High Court s order which stopped the fund house from winding up its debt fund schemes without prior consent of the investors.
NEW DELHI: The Supreme Court Monday said it would decide on distribution of money to Franklin Templeton unitholders after hearing the submissions objecting to the e-voting process for winding up the mutual fund s six schemes. A bench headed by S A Nazeer granted three days for filing of objections to the e-voting on winding up of six mutual fund schemes of the company.
Majority unitholders of Franklin Templeton Mutual Fund (FTMF) have voted in favour of winding-up of the six debt schemes, according to a report submitted by the observer appointed to oversee the e-voting process say reports.
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