Franklin Templeton on Friday said that all the wound up debt schemes are now cash positive with no outstanding borrowing.
In a letter to investors, the company defended its decision to shut down the schemes. "The NAVs of all six schemes are now above the NAV as of 23 April 2020, indicating that we have been able to preserve value through this action of winding up the schemes," Franklin Templeton president Sanjay Sapre said in the letter.
The company further stated that it is focused on returning money to unit holders and is working with SBI Funds Management, the liquidator appointed by the Supreme Court, to monetise the portfolios of these schemes and return the money to investors.
The letter was in response to media reports that suggested that the US-headquartered fund house has sought discussions with the Indian Ambassador to the US over SEBI investigation pertaining to the six wound-up debt schemes.
According to the reports, Franklin Templeton had threated to exit India if it was not given a "just and fair" hearing by SEBI.
The company denied these reports, saying that it has no plan to exit its operations in India.
"Please let me assure you, we have no plans to exit our India business. Any speculation suggesting otherwise, or any rumours around sale of our business in India are incorrect and simply that - rumours," Sapre said in the letter.
The letter hasn't categorically denied the reports of discussions with Indian authorities. "Our engagement with government authorities, in India and globally, is also something we, and many companies do, as a matter of course. We have endeavoured to keep all stakeholders, including the relevant government and diplomatic authorities, appropriately informed of developments, and will continue to do so," it said.
The company said it has full confidence in SEBI and that it has been fully transparent with the regulator and has extended "fullest cooperation" in the investigation.
