No wrongdoing by officials in shut schemes: Franklin MF
State party gen secy Ashok Sarkar rubbishes Raut’s announcement, list may be out today
With SEBI issuing showcause notices to Franklin Templeton Asset Management Company (AMC), and its key managerial employees and trustees over alleged fraud and unfair trade, a spokesperson of the company said that none of the key persons have redeemed any units post the trustees taking the in-principle decision to windup six debt mutual fund schemes in April last year.
In a detailed response to the showcause notice issued by SEBI, the company said, "We believe it would be inappropriate to comment further on speculation and request the investors not to draw conclusions based on conjecture."
The schemes under winding up continue to have significant investment from the employees and management of Franklin Templeton and all redemption applications submitted by the unit-holders until April 23, 2020 were processed in the normal course of business, as per the spokesperson.
"Our interests remain aligned with those of our investors. None of the key persons have redeemed any units post the trustees taking the in-principle decision to wind-up the schemes," said the company.
As per the fund house, its focus remains on returning monies to the unitholders at the earliest, by supporting the SBI Mutual Fund management in the monetisation process.
The schemes have already distributed Rs 9,122 crore to the investors and have accrued another Rs 1,180 crore in cash as on February 26, 2021.
The capital market regulator issued the show-cause notices as the audit directed by SEBI after the fund house discontinued six debt mutual fund schemes in April 2020 showed breach of code of conduct.
SEBI also asked Franklin Templeton India as to why action should not be taken against the company for not carrying out its fiduciary duties towards the investors and for lapses in the riskmanagement process.
The notices have been served to key managerial employees comprising Vivek Kudva, head of Asia Pacific (APAC) for Franklin Templeton, his mother, and his wife Roopa Kudva, MD, Omidyar Network India.
Further, the Enforcement Directorate (ED) has also registered a case of money laundering against Franklin Templeton and its senior officials.
Rubbishing senior Shiv Sena leader and Rajya Sabha MP Sanjay Raut’s announcement that the Shiv Sena will not contest the Assembly polls in West Bengal but will support ‘Tigress’ TMC supremo Mamata Banerjee, West Bengal Shiv Sena general secretary Ashok Sarkar said that the Shiv Sena will field 52 candidates in the upcoming polls.
Talking exclusively with Free Press Journal, Sarkar said that they will finalise the candidates on March 5 and will declare the candidates list on March 6 evening.
“Neither Sanjay Raut nor Maharashtra Chief Minister Uddhav Thackeray had consulted with us before announcing that Shiv Sena will support the ruling Trinamool Congress. West Bengal counterpart will not spare the TMC and will field 52 candidates in both North and South Bengal,” said the West Bengal Shiv Sena general secretary.
Asked that both the BJP and the TMC is depending on ‘celeb factor’ in the upcoming polls, to which Sarkar said that celebs are not politicians.
“We will pitch normal politicians and we are hopeful to give both the TMC and the BJP a tough fight in the constituencies we are eying. By Saturday we will declare the list,” mentioned Sarkar.
Notably, earlier this day calling West Bengal Chief Minister a ‘tigress’, Shiv Sena Rajya Sabha MP, Sanjay
Raut took to Twitter and mentioned that the Shiv Sena will not fight the polls but will stand in ‘solidarity of the TMC’.
Earlier there were reports that after Rashtriya Janata Dal (RJD) and Samajwadi Party (SP), the Shiv Sena on Thursday extended its support to the TMC supremo Mamata Banerjee, and said it would not contest assembly elections in Bengal.
Hailing Banerjee as the "real Bengal tigress", the party, which had earlier said that it would join the electoral battle in the state, vowed to "stand in solidarity" with the TMC camp.
Senior Shiv Sena leader and Rajya Sabha MP Sanjay Raut, in a tweet, made the announcement and said that the decision was taken following discussions with party president and Maharashtra Chief Minister Uddhav Thackeray. Raut took to Twitter and said "at the moment, it appears to be a Didi vs All fight".
"A lot of people are curious to know whether Shiv Sena is contesting West Bengal polls or not? So here's the update after discussions with party president Uddhav ji Thackeray." "All 'M's - Money, Muscle and Media- are being used against 'M'amata Didi. Hence, Shiv Sena has decided not to contest West Bengal polls & stand in solidarity with her. "We wish Mamata Didi a 'roaring' success, 'cos we believe she is the real Bengal Tigress," he added.
Later, TMC’s national spokesperson and Rajya Sabha MP Derek O Brien has retweeted the tweet by Sanjay Raut. (