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Business News/ News / India/  Supreme Court adjourns Franklin Templeton case to July
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Supreme Court adjourns Franklin Templeton case to July

In January, the apex court had asked SBI Funds Management Pvt Ltd to take over distribution of the money collected in the six frozen schemes of Franklin Templeton

Supreme Court of IndiaPremium
Supreme Court of India

The Supreme Court on Thursday adjourned the case filed by multiple unit holders against Franklin Templeton Mutual Fund to July.

The adjournment has been given to allow time to the Securities and Exchange Board of India (Sebi) to conclude its adjudication proceedings against the fund house, according to experts.

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"The adjournment of the case on merits to July by the Supreme Court is basically to give time to Sebi to finish its adjudication process. Once the process concludes, we can resume arguments on merits and on the question of compensation to unit holders," said Paritosh R Gupta, a lawyer representing the Khambatta family, who are petitioners in the case.

In January, the apex court had asked SBI Funds Management Pvt Ltd to take over distribution of the money collected in the six frozen schemes of Franklin Templeton.

Accordingly 9,122 crore was distributed in February 2021. SBI Funds Management would also have to organise the liquidation of the remainder of the portfolios of the six schemes.

According to media reports, Sebi has initiated an investigation in the sales of units by Franklin executives before the closure of the schemes.

Separately, the Enforcement Directorate (ED) has filed a case against Franklin Templeton Asset Management based on an FIR filed by the Chennai Police against the fund house in September, reports said.

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ABOUT THE AUTHOR
Neil Borate
Neil heads the personal finance team at Mint. A former colleague called them 'money nerds' and that's what they are. They cover topics like mutual funds, taxation and retirement, all to improve your chances of building wealth. Neil graduated with a degree in law and economics. He passed the CFA Level I exam and began his writing career at Value Research, a mutual fund research firm in 2016. He joined the personal finance team Mint in 2019. Everyday, the Mint Money Team tackles personal finance questions such as where to invest and where to borrow, through articles, charts and reader queries. They also have a daily podcast - 'Why Not Mint Money' and an annual ranking of mutual funds - the Mint 20.
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Published: 04 Mar 2021, 01:45 PM IST
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