Gujarat High Court has stayed the e-voting exercise of Franklin Templeton India Mutual Fund.
This followed a special civil application in the High Court decision by a group of petitioners (investors). These petitioners have invested Rs.6.55 crore (put together) in the wound up schemes of Franklin Templeton India Mutual Fund.
The petitioners have alleged that the fund house has wound up schemes without obtaining approval from unitholders.
FT India spokesperson said that the fund house is examining the matter and will take appropriate steps. He said, “We continue to follow due process, both in making investment decisions and in the winding up of these schemes. We acted in the best interest of our investors and in accordance with all regulations.”
The stay order will further delay the repayment of assets as the entire e-voting exercise was to decide the liquidation process only.
