Gujarat High Court on Wednesday stayed crisis-hit Franklin Templeton Mutual Fund's e-vote and unit holders meet for the six wound up schemes.
Franklin Templeton Mutual Fund's e-vote and unit holders meet was scheduled for June 9-11.
Reacting to high court's decision, Franklin Templeton Mutual Fund, said, "We are examining the matter and will take appropriate steps as may be required. We continue to follow due process, both in making investment decisions and in the winding up of these schemes. We have acted in the best interest of our investors and in accordance with all regulations."
Last month, Franklin Templeton had closed six debt funds, citing redemption pressures and lack of liquidity in the bond markets. Since then, capital market regulator Sebi has asked the fund house on multiple occasions to focus on repaying the investors at the earliest.
These schemes, together having an estimate amount of over Rs 25,000 crore assets under management, were Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund.
First Published: IST