The effect of the pandemic has not been confined to health and has extended to other interesting debates in various fields of law. One issue which has caught the public eye is the controversy surrounding the decision of Franklin Templeton Trustees (FTT) to foreclose their debt fund schemes, purportedly to pre-empt losses weeks after nationwide shutdown. Considering the wide-ranging challenges to the decision in various high courts, including public interest suits, criminal charges, etc, the Supreme Court consolidated all matters and transferred them for an expedited consideration of the Karnataka High Court, which has issued a detailed decision. A first in the space of mutual fund governance and delineating the empowerment of the trustees versus the rights of contributions of the unit holders, the verdict assumes significance as it not just addresses the controversy, but also reflects on a larger landscape – democratising governance.
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