Sebi petitions Guj HC on stay on Franklin e-vote
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.