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FT MF to appeal to Karnataka HC to allow payouts from cash-positive schemes

Fund house informs investor that two schemes under winding-up have cash surplus after repaying bank borrowings

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Two of the six schemes -- Franklin India Ultra Short Bond Fund and Franklin India Dynamic Accrual Fund --have repaid their bank borrowings and are cash positive.

Jash Kriplani Mumbai

2 min read Last Updated : Jun 25 2020 | 1:20 AM IST

Franklin Templeton Mutual Fund (MF) will appeal to the Karnataka High Court (HC) in order to distribute cash-positive schemes to unitholders.

In a letter to investors, Sanjay Sapre, president of Franklin MF said: “...Two of the schemes undergoing winding-up have surplus cash and we will take appropriate steps in the interest of the unitholders to enable distribution of the same to them at the earliest.”

“In this regard, we will file an appeal before the Karnataka HC seeking vacation of the stay order issued by the Gujarat HC,” he said.

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