Just 38 percent of Franklin Templeton’s unitholders voted: SEBI-appointed observer
The observer elaborated on a number of steps that the fund house could have taken to ensure a more robust exercise
January 21, 2021 / 03:14 PM IST
The observer’s report on the recently-concluded e-voting held by Franklin Templeton Mutual Fund (FT MF) was submitted to the Supreme Court (SC). It said that the e-voting exercise was generally conducted according to the e-voting notices sent by FT MF. “However, there were many grey areas in the procedure adopted, which raised doubts and apprehensions in the minds of investors,” the report said.
The observer elaborated on a number of steps that the fund house could have taken to ensure a more robust exercise. For starters, it said that unitholders of the six schemes that are sought to be wound up, should have got one vote for each unit they held. The fund house had, on the other hand, allowed investors only as many votes as the number of folios they had. Just 38 percent of the unitholders that had investments in the six debt schemes participated in the voting process, according to the Observer’s report.

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