Templeton moves SC against HC order on investor nod for scheme closure

Karnataka HC had said investors can receive money from cash-rich schemes if trustees' decision to wind up the schemes is held valid, but stayed its judgment for six weeks

Franklin Templeton Mutual Fund (MF) is moving the Supreme Court (SC) against the Karnataka High Court’s order that said unitholders’ consent was necessary before closure of any mutual fund scheme.

“Post the judgement of the High Court of Karnataka, we considered all possible options over the last few weeks to start returning money to unitholders in the shortest possible time in an orderly manner. This included the option of seeking unitholder consent according to the judgment of the HC. However, after detailed deliberations, we have determined that it will be necessary to seek judicial intervention from the Supreme Court to ensure