NE LEGAL BUREAU
NEW DELHI, FEB 12
The Supreme Court on Friday upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton and said disbursal of funds to unitholders will continue.
A bench of justices S A Nazeer and Sanjiv Khanna, while rejecting the opposition by some unitholders to the e-voting process, said disbursal of funds has to be done as per the earlier order of the apex court.
The top court had on February 2 ordered that Rs 9,122 crore be disbursed within three weeks to the unitholders of Franklin Templeton’s six mutual fund schemes which are proposed to be wound up.
It had said that disbursal of money would be done in proportion to unitholders” interest in the assets.
Earlier, the apex court had asked the Securities and Exchange Board of India (SEBI) to appoint an observer for overseeing the e-voting process.
The voting concerning winding up Franklin Templeton’s six mutual fund schemes had taken place in the last week of December and it has been approved by a majority of unitholders.
