SC: Give `9K cr to unitholders of Templeton MF in 3 weeks
New Delhi, Feb. 2: The Supreme Court on Tuesday ordered that `9,122 crores be disbursed within three weeks to the unitholders of Franklin Templeton’s six mutual fund schemes which are proposed to be wound up.
A bench of Justices S. A. Nazeer and Sanjiv Khanna said that the disbursal of money would be done in proportion to unitholders’ interest in the assets.
In the proceedings conducted through video conferencing, the bench entrusted State Bank of India (SBI) Mutual Fund to disburse the money as all the counsels gave consent to the court’s order.
The bench granted liberty to the litigating parties to approach the court in case of any difficulty in the disbursal of money to the unitholders. The court also gave the parties liberty to move applications in case of any difficulty arising out of the process.
The lawyer, representing Franklin Templeton Trusts Services Limited, told the bench that the company would render cooperation with SBI Mutual Fund.
New Delhi, Feb. 2: The Supreme Court on Tuesday ordered that Rs 9,122 crore be disbursed within three weeks to the unitholders of Franklin Templeton's six mutual fund schemes which are proposed to be wound up.
A bench of Justices S. A. Nazeer and Sanjiv Khanna said that the disbursal of money would be done in proportion to unitholders' interest in the assets.
In the proceedings conducted through video conferencing, the bench entrusted State Bank of India (SBI) Mutual Fund to disburse the money as all the counsels gave consent to the court's order.
The bench granted liberty to the litigating parties to approach the court in case of any difficulty in the disbursal of money to the unitholders.
The court also gave the parties liberty to move applications in case of any difficulty arising out of the process.
The lawyer, representing Franklin Templeton Trusts Services Limited, told the bench that the company would render cooperation with SBI Mutual Fund.
The bench on January 25 had said it would first deal with the issues related to objection to the e-voting process for winding up of the six mutual fund schemes and distribution of money to the unitholders.
Prior to this, the apex court had granted three days for filing of objections to the e-voting on winding up of six mutual fund schemes of the company.
It was also told by the counsel for Franklin Templeton that an order be passed for allowing distribution of money to the unitholders.