SC lets Franklin hold vote
4 years, 3 months ago

SC lets Franklin hold vote

Live Mint  

MUMBAI: Ruling on an appeal by Franklin Trustees against the Karnataka high court judgment, the Supreme Court has permitted the trustees to hold a vote on the winding up of six Franklin Templeton debt mutual fund schemes. Unable to meet redemption pressure, Franklin Templeton had frozen redemptions in six debt funds on 23 April, with combined assets of around 26,000 crore. In October, the Karnataka high court had ruled against Franklin Templeton’s winding up of the schemes without consent of unit holders, but had stayed its own order till 5 December. Franklin Templeton had filed an appeal against the high court's decision, even as it approached markets regulator Securities and Exchange Board of India for permission to hold a vote on the winding up.

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History of this topic

SEBI Fines Franklin Templeton's CEO, Officials & Trustee; AMC Likely To Move To SAT Against Order
3 years, 9 months ago

SEBI Fines Franklin Templeton's CEO, Officials & Trustee; AMC Likely To Move To SAT Against Order

ABP News  

Mumbai: The Securities and Exchange Board of India on June 14 imposed a total fine of Rs 15 crore on nine entities, including Franklin Templeton Trustee Services, Sanjay Sapre, its chief executive officer, and its debt fund managers, among other top officials associated with the fund house's six debt schemes. In a follow-up to its last week's order, SEBI has …

Supreme Court Upholds Validity Of E-Voting Process For Winding Up Of Franklin Templeton's Six Mutual Fund Schemes
4 years, 1 month ago

Supreme Court Upholds Validity Of E-Voting Process For Winding Up Of Franklin Templeton's Six Mutual Fund Schemes

Live Law  

Supreme Court has on Friday negated all objections and upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton. Supreme Court in its previous hearing had approved the application filed by SBI Mutual Fund and SBI Funds Management Pvt Ltd, for placing on record the distribution mechanism proposed to be followed while distributing …

Supreme Court Directs Distribution Of 9122 Crores To Unit Holders Under Franklin Templeton's Six Mutual Fund Schemes
4 years, 1 month ago

Supreme Court Directs Distribution Of 9122 Crores To Unit Holders Under Franklin Templeton's Six Mutual Fund Schemes

Live Law  

The Supreme Court has on Tuesday directed that amount of 9122 crores that is cash ready with Franklin Templeton as on 15th January 2021 be distributed amongst the unit holders under the six mutual fund schemes. If Franklin Templeton can give a commitment that principal of unit holder is safe and it will honour its commitment no unit holder will …

Franklin Templeton Case: Supreme Court Asks Sebi to Appoint Observer for E-voting Process
4 years, 3 months ago

Franklin Templeton Case: Supreme Court Asks Sebi to Appoint Observer for E-voting Process

News 18  

The Supreme Court on Wednesday asked the Securities and Exchange Board of India to appoint an observer for overseeing the e-voting process, scheduled in the last week of December, for winding up of Franklin Templeton’s six mutual fund schemes. The apex court is hearing an appeal filed by Franklin Templeton against the Karnataka High Court order which stopped the fund …

Franklin Templeton to seek unitholders’ vote for winding up schemes. What it means for investors?
4 years, 3 months ago

Franklin Templeton to seek unitholders’ vote for winding up schemes. What it means for investors?

Live Mint  

The Supreme Court on December 3, 2020 issued an interim order allowing the Trustee of Franklin Templeton to seek consent of the unitholders for the winding up of the six schemes. The fund house will now be proceeding with next steps to seek unitholder consent for the winding up of the six schemes. The objective of the voting exercise is …

Franklin Templeton : Supreme Court Asks Trustees To Call Meeting Of Unit Holders; Stay On Redemption
4 years, 3 months ago

Franklin Templeton : Supreme Court Asks Trustees To Call Meeting Of Unit Holders; Stay On Redemption

Live Law  

The Supreme Court on Wednesday directed a stay on redemption requests from investors and allowed Franklin Templeton Trustees to call for meeting of unit holders to seek their consent/approval.A bench of Justices Abdul Nazeer and Sanjiv Khanna was hearing a plea by Franklin Templeton Mutual Fund's, challenging a Karnataka High Court order according to which the decision to wind down …

Franklin plea shows it’s willing to take unitholders’ approval
4 years, 4 months ago

Franklin plea shows it’s willing to take unitholders’ approval

Live Mint  

Franklin Templeton, which decided to abruptly shut six of its Indian funds citing illiquidity in April, has told the markets regulator that it will comply with a high court order to seek consent from its unitholders even as it challenged the ruling, according to its plea filed in the Supreme Court. However, the regulator on 10 November directed the asset …

What the Karnataka HC judgment on Franklin Templeton case means for MF investors
4 years, 5 months ago

What the Karnataka HC judgment on Franklin Templeton case means for MF investors

Live Mint  

The Karnataka High Court on Saturday pronounced its judgment in the case involving the closure of six Franklin Templeton Mutual Fund debt schemes. The Supreme Court transferred the Gujarat case along with others filed in Delhi and Chennai to the Karnataka High Court on 19 June and asked it to hear the matter expeditiously. The Court also refused to ask …

[Breaking] Karnataka High Court Restrains Franklin Templeton From Proceeding With Winding Up Of Schemes Without Obtaining Consent Of Investors
4 years, 5 months ago

[Breaking] Karnataka High Court Restrains Franklin Templeton From Proceeding With Winding Up Of Schemes Without Obtaining Consent Of Investors

Live Law  

The High Court of Karnataka on Saturday restrained Franklin Templeton Investments from proceeding with the winding up of debt fund schemes without obtaining the consent of unit investors.A division bench of Chief Justice AS Oka and Justice Justice Ashok S Kinagi held a special sitting on Saturday to pronounce the verdict in petitions challenging the winding up of six debt …

Franklin Templeton Files Additional Affidavits After Karnataka HC Reserves Judgment
4 years, 5 months ago

Franklin Templeton Files Additional Affidavits After Karnataka HC Reserves Judgment

Live Law  

The Karnataka High Court on Monday posted a batch of petitions challenging the winding up of six debt schemes of Franklin Templeton, for the purpose of recording that FT Asset Management India Private Limited and FT Trustees Private Limited have filed two affidavits. The bench began hearing on the batch of petitions challenging winding up of six debt schemes of …

Franklin Templeton MF's Shut Schemes Receive Rs 5,000 Crore Since Closure
4 years, 7 months ago

Franklin Templeton MF's Shut Schemes Receive Rs 5,000 Crore Since Closure

News 18  

Franklin Templeton Mutual Fund's six shut schemes have received about Rs 5,000 crore from maturities, pre-payments and coupon payments since the announcement of their closure in April. These include 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 …

Franklin Templeton: Karnataka HC To Start Hearing Petitions Against Winding Up Of Debt Schemes From August 12
4 years, 7 months ago

Franklin Templeton: Karnataka HC To Start Hearing Petitions Against Winding Up Of Debt Schemes From August 12

Live Law  

The Karnataka High Court will commence hearing on a daily basis on petitions challenging winding up of six debt schemes of Franklin Templeton, from August 12. A division bench of Chief Justice Abhay Oka and Justice Ashok S Kinagi said that it will first hear the counsel in a petition filed before the Delhi High court, followed by Gujarat and …

Delhi HC Issues Notice On Plea Challenging Franklin Templeton's Decision To Wind Up 6 Debt Funds
4 years, 9 months ago

Delhi HC Issues Notice On Plea Challenging Franklin Templeton's Decision To Wind Up 6 Debt Funds

Live Law  

The Delhi HC has issued notice to the Trustee and Asset Management Company of Franklin Templeton Mutual Fund and also to SEBI on a writ petition challenging the Winding Up notice issued by the Mutual Fund to close its 6 debt fundsThe petition filed by Amruta Garg also challenges a consequent notice issued for E-voting. Challenge has also been made …

Franklin Templeton mutual fund may take over five years to return some fund
4 years, 10 months ago

Franklin Templeton mutual fund may take over five years to return some fund

Live Mint  

Investors in some of the credit funds run by Franklin Templeton’s India unit may have to wait over five years to fully recoup their money, the asset manager said in an email to investors. The development is the latest turn after the company shut six debt schemes last month in the country’s biggest-ever fund freeze, which triggered shock waves in …

Franklin Templeton debt schemes: All you should know about the crisis
4 years, 11 months ago

Franklin Templeton debt schemes: All you should know about the crisis

India TV News  

In an unprecedented decision, Franklin Templeton Mutual Fund on Thursday decided to shut six of its open-ended debt schemes oriented towards high-yield investments citing continued redemption pressure and lack of liquidity in the debt markets amid the lockdown and the coronavirus pandemic. These six schemes are: Franklin Templeton debt schemes shut: All investors need to know As the Franklin Templeton …

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