The Court took note of the submission that amidst the allegation of mismanagement of funds and fraud, the unit-holders would not be having the opportunity of informed decision making while casting the e-votes.
While dismissing the application and upholding the earlier stay, the court held-
“No winding-up process could be concluded without the consent of the unit-holders, as has been laid down in sub-regulation 15(c) of Regulation 18 of the Regulation. The Trustee shall have to obtain the prior consent of the unit-holders when a majority decide to wind- up or prematurely redeem the units. Thus, in view of the above provision of law, the interim injunction granted is confirmed till the forensic audit report comes in public domain.”
The Gujarat High Court has dismissed an Application filed by Franklin Templeton India (Trustee Services) for vacating the interim stay on the e-voting and unitholders’ meet of Franklin Templeton MF
- By Regstreet Law Advisors
- / June 8, 2020
Featured in
Latest RegPost
Cateories
- Regulators
- Stock Exchanges
- Commodity Exchanges
- Depositories
- Information Utilities
- Banks
- Insurance Companies
- Mutual Funds
- NBFCs
- Credit Rating Companies
- Financial Institutions
- Merchant Banks
- High Net Worth Individuals
- Collective Investment Management Companies
- Web Aggregators (Insurance)
- Alternative Investment Funds
- Repositories
- Listed Companies
- Share Transfer Agents
- Registrar to an Issue
- Underwriters
- Stock Brokers
- Insurance Brokers
- Sub Brokers
- Shareholders
- Depository Participants
- Startups
- Venture Capital Investors
- Investment Banks
- Portfolio Managers
- Investment Advisors
- Research Analysts
- Foreign Portfolio Investors
- Foreign Institutional Investors
- Telecom and Broadcasting Companies
- Private Equity Investors