New Delhi: 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 unit holders will continue.
A bench of justices S A Nazeer and Sanjiv Khanna, while rejecting the opposition by some unit holders 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 unit holders 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 unit holders’ 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 with regard to 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 unit holders.
Subscribe to our channels on YouTube & Telegram
Why news media is in crisis & How you can fix it
India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.
But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.
ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.