Wednesday, 28 July, 2021
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Supreme Court Directs Franklin Templeton To Seek Investors Consent For Winding Up Funds

Supreme Court docket has ordered that Franklin Templeton can’t wind up debt funds with out taking buyers’ nod

The Supreme Court docket on Wednesday ordered that Franklin Templeton can’t wind up debt funds with out taking the consent of majority of the buyers.

The Supreme Court docket’s judgement got here on an enchantment in opposition to the Karnataka Excessive Court docket order which restrained the winding up of six of Franklin Templeton debt schemes with out acquiring consent of buyers. 

The decision was pronounced by a bench comprising Justices S Abdul Nazeer and Sanjiv Khanna.

The Supreme Court docket has agreed with the views of the Excessive Court docket.

On the identical time, it mentioned that the consent of the vast majority of shareholders can be required solely after the publication of notices.

The Supreme Court docket additional added that in case trustees wrongfully search winding up, then the Securities and Alternate Board of India (SEBI) may have the ability to intervene within the matter.

It additionally famous that the information within the case haven’t been examined in any respect and have been left open.

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