INSUBCONTINENT EXCLUSIVE:
The Karnataka High Court deferred its judgement in the Franklin Templeton Asset Management (India) case on Monday, with the court passing
an order to take on record duly notarised copies of affidavits filed by the asset manager (e-filed originally) as per the standard operating
procedure of the court, said a person familiar with the matter.
The case against the asset manager was filed by some unitholders of the six
debt schemes that were shut in April
According to reports, the court may have examined whether Franklin followed the right processes to shut down the scheme
consideration.
The verdict could determine how swiftly the money stuck in the six shut schemes would be repaid to the unitholders.
The
asset manager said last week that its six shut schemes had received Rs 8,262 crore from maturities, pre-payments and coupon payments after
closing down in April.: How faster deposit growth could become counterproductive for banks
In April, Franklin Templeton decided to wind up
six of its debt schemes oriented towards high-yield investments with total assets under management of over Rs 25,000 crore
It cited continued redemption pressure and lack of liquidity in the debt market, amid the Coronavirus-induced lockdown, for the closure
A few days ago, the EOW of the Chennai Police registered a first information report (FIR) against the asset manager and Franklin
Templeton Trustee Services for an alleged criminal conspiracy to defraud 300,000 investors by causing wrongful loss to them and unlawful
compliance with the applicable laws and all decisions were taken in the best interest of our unit holders, we are confident about the
Karnataka HC defers judgement in Franklin Templeton caseTheIndianSubcontinent has always strived hard to provide up-to-date information and
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