Sebi files appeal in Gujarat High Court over stay on Franklin e-voting

The Securities and Exchange Board of India (Sebi) has filed letter patent appeal in Gujarat High Court (HC) against the decision of a single-judge Bench before another Bench of the same court.

The appeal comes after the HC issued a stay order on e-voting by unit holders in the six schemes of Franklin Templeton Mutual Fund (MF) that were wound up.

The matter is also likely to come up for hearing in the Supreme Court this week, where FT MF has filed an appeal against the HC’s stay order. The e-voting, which was scheduled on June 9, was suspended following Gujarat HC’s decision.

The e-voting process would have given unit holders of Franklin’s schemes options on how they wished to take forward the wind-up and scheme asset monetisation process.