The Supreme Court has rejected the objections raised by a few investors against e-voting results in the Franklin Templeton case. The apex court has directed for the winding up of its six mutual fund schemes and said that disbursement of funds will continue as per the earlier orders.
The report by T.S. Krishnamurthy, who was the observer for the e-voting process, mentioned that more than 96 percent of unit holders were in favor of winding down the six debt schemes.
The e-voting process had taken place during December 26-28, 2020.
Franklin Templeton MF closed these six debt mutual fund schemes on April 23, 2020, citing redemption pressure and lack of liquidity in the bond market.
In January, Franklin Templeton Mutual Funds had received a nod from over 90 percent of unit holders to close the six suspended debt funds The voting results indicated that FT would not be required to resort to selling its underlying assets.
The report by T.S. Krishnamurthy, who was the observer for the e-voting process, mentioned that more than 96 percent of unit holders were in favor of winding down the six debt schemes.
The e-voting process had taken place during December 26-28, 2020.
Franklin Templeton MF closed these six debt mutual fund schemes on April 23, 2020, citing redemption pressure and lack of liquidity in the bond market.
First Published: Feb 12, 2021 11:30 AM IST
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