Unitholders Gave Consent To Windup Six Schemes Of Franklin Templeton: Top Court Franklin Templeton Mutual Fund had closed six debt mutual fund schemes on April 23 last year citing redemption pressure and lack of liquidity in the bond market.
Updated: February 13, 2021 2:39 pm IST
Till November 27, 2020 the six schemes received total cash flows of Rs 11,576 crore from maturities
The Supreme Court Friday rejected the objections to the result of e-voting process and held that unitholders have given their consent by majority to windup six mutual fund schemes of Franklin Templeton. The Supreme court, which said that winding up and disbursement of funds to unitholders would be in terms of its directions passed in the matter, directed that disbursement can be made in tranches without waiting for liquidation of all the securities or assets. The e-voting with regard to winding up of Franklin Templeton s six mutual fund schemes Franklin India Low Duration Fund, Franklin India Ultra
The Supreme Court on Friday upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton, and said disbursal of funds to unit holders will continue.
How much money can Franklin investors expect to get back by Feb 15?
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Synopsis
In a note to investors, Franklin Templeton President Sanjay Sapre explained the process and modalities of the payment of the first tranche. Investors must note that payments from 15 February to investors whose accounts are KYC compliant with all details available.
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NEW DELHI: Good news for some of the investors in the six schemes closed down by Franklin Templeton Mutual Fund in April 2020. The fund house will pay out the cash holding in five of the six schemes to investors in accordance with the Supreme Court verdict on the matter.
How Franklin mutual fund s Rs 9122 cr repayment will be divided among closed scheme investors
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How Franklin mutual fund s Rs 9122 cr repayment will be divided among closed scheme investorsBy
Share
Synopsis
In a note to investors, Franklin Templeton President Sanjay Sapre explained the process and modalities of the payment of the first tranche. Investors must note that payments from 15 February to investors whose accounts are KYC compliant with all details available.
iStock
NEW DELHI: Good news for some of the investors in the six schemes closed down by Franklin Templeton Mutual Fund in April 2020. The fund house will pay out the cash holding in five of the six schemes to investors in accordance with the Supreme Court verdict on the matter.
SC: Consent by majority sufficient to wind up Franklin Templeton s 6 schemes
By IANS |
Published on
Fri, Feb 12 2021 19:51 IST |
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Supreme Court of India. (File Photo: IANS) Image Source: IANS News
New Delhi, Feb 12 : The Supreme Court on Friday rejected the objections to poll results and held that the unitholders of the six mutual funds schemes of Franklin Templeton have given their consent by majority to wind up the schemes which the mutual fund house had closed in April last year.
In a 54-page judgment, a bench comprising Justices S. Abdul Nazeer and Sanjiv Khanna said the underlying thrust behind 18(15)(c) of the SEBI (mutual funds) Regulation is to inform the unitholders of the reason and cause for the winding up of the scheme and to give them an opportunity to accept and give their consent or reject the proposal.