Sebi pe­ti­tions Guj HC on stay on Franklin e-vote

Hindustan Times (Jalandhar) - - BUSINESS - Jayshree P Upad­hyay and Neil Bo­rate

MUM­BAI: The Se­cu­ri­ties and Ex­change Board of In­dia (Sebi) has filed a let­ters patent ap­peal against the Gu­jarat High Court or­der which had stayed the wind­ing-up process of six schemes shut­tered by Franklin Tem­ple­ton.

Let­ters patent ap­peal is an ap­peal by a pe­ti­tioner against a de­ci­sion of a sin­gle judge, to shift the case to an­other bench of the same court.

In its pe­ti­tion, Sebi said the court had erred in stay­ing the cru­cial e-vot­ing process. This will ul­ti­mately de­lay the en­tire wind­ing-up process and cause loss to unit hold­ers, it said. Sebi added that the court in its June 8 rul­ing has erred in in­ter­pret­ing that the con­sent of unit hold­ers is needed be­fore the wind­ing-up de­ci­sion. Mint has re­viewed a copy of the pe­ti­tion.

The high court had ruled in favour of con­tin­u­ing a stay on the e-vot­ing process.

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