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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

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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.”

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