SC to hear Franklin Templeton MF's plea on e-voting process on Friday

Gujarat HC to hear Sebi's appeal on stay order same day

The Supreme Court (SC) will hear Franklin Templeton Mutual Fund’s (FT MF) appeal to vacate stay order on unitholders’ e-voting process on Friday. Incidentally, the Gujarat High Court (HC) will also hear the plea filed by the Securities and Exchange Board of India (Sebi) on seeking remedy from the single-judge bench stay order of the HC.

Sebi has filed letter patent appeal (LPA), which is an appeal filed to seek hearing in the matter before a larger bench in the same court.

The Gujarat HC had ordered the stay to be in force till the findings of the forensic audit conducted by Sebi are made public.

The order was passed after HC took into consideration the plea filed by FT MF investors Areez Phirozsha Khambatta and wife Persis Khambatta and FT MF’s plea on vacating the stay.

The unitholders’ e-voting was scheduled on June 9. The e-voting process would have given the unitholders of Franklin’s schemes option on the manner in which the wind-up process and scheme asset monetisation could be taken forward.