NEW DELHI, Nov. 27 -- Franklin Templeton Mutual Fund (FT) has moved the Supreme Court, challenging a Karnataka high court order that said its decision to wind down six debt schemes in April required a simple majority consent from unitholders.
In October, the high court had ordered that trustees should not take any action on the winding-up of the schemes till such consent was obtained. It also restricted the asset management company and its trustees from taking any fresh borrowings in the six debt schemes.
The trustees of Franklin Templeton decided to wind up six debt schemes on 23 April, citing illiquidity due to the coronavirus outbreak, a decision which impacted 300,000 investors and assets under management of '26,000 crore. Aggrieved b...