Lawstreet Journal

Franklin Templeton Files Additional Affidavits After Karnataka HC Reserves Judgment

Lawstreet Journal 7 Oct 2020 7:21pm

Image courtesy: Lawstreet Journal Business Franklin Templeton Files Additional Affidavits After Karnataka HC Reserves Judgment

In April 2020, Franklin Templeton Asset Management India Private Limited and Franklin Templeton Trustees Private Limited had announced to wind up six mutual funds on the basis of low liquidity. This showcased a mere about three lakh investors to be affected by such a decision.

Gujrat High court had put a stay on Franklin Templeton’s mutual fund e-voting process for winding up of the schemes. Franklin Templeton had filed a petition in Supreme Court challenging to the order by Gujrat High Court. 

A division bench of Chief Justice Abhay Oka and Justice Ashok S Kinagi has ordered the Fund house to submit all the furnished documents to the advocates appearing on behalf of the petitioner. It has also mentioned that if any of the petitioners have any kind of objection, then they should file a memo report on record in order to list the case again for consideration upon their objection. And if anyone has no objections they can file a memo to the effect. 

The bench first heard the counsel in a petition filed at the Delhi court subsequently followed by Gujrat and Madras High Court. The petitions were transferred to the Karnataka High Court on the order of the Hon’ble Supreme Court on June 19 for fresh hearings and disposal with a deadline time period of three months. 

The bench began hearing of the matter on daily basis through video conferencing from August 12. The judgment was reserved on September 24 by the Karnataka High Court by hearing of all the facts… Continue Reading...


Tagged: Franklin Templeton  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com