{"id":60327,"date":"2020-10-27T13:51:18","date_gmt":"2020-10-27T08:21:18","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=60327"},"modified":"2020-10-27T13:51:18","modified_gmt":"2020-10-27T08:21:18","slug":"honble-karnataka-high-court-upholds-rights-of-unit-holders-in-franklin-templeton-mutual-fund","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/honble-karnataka-high-court-upholds-rights-of-unit-holders-in-franklin-templeton-mutual-fund","title":{"rendered":"Hon\u2019ble Karnataka High Court upholds rights of Unit Holders in Franklin Templeton Mutual Fund"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"60328\" data-permalink=\"https:\/\/www.legalindia.com\/news\/honble-karnataka-high-court-upholds-rights-of-unit-holders-in-franklin-templeton-mutual-fund\/franklin-mutual-fund\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?fit=298%2C169&amp;ssl=1\" data-orig-size=\"298,169\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Franklin Mutual Fund\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?fit=298%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?fit=298%2C169&amp;ssl=1\" class=\"alignleft size-full wp-image-60328\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?resize=298%2C169&#038;ssl=1\" alt=\"\" width=\"298\" height=\"169\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?w=298&amp;ssl=1 298w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/Franklin-Mutual-Fund.png?resize=150%2C85&amp;ssl=1 150w\" sizes=\"auto, (max-width: 298px) 100vw, 298px\" \/><\/a>CFMA to approach Hon\u2019ble Supreme Court as \u2018leaving the fate of 3 lakh Unit Holders at the mercy of Trustees without knowing<br \/>\nthe content of Forensic Audit will set a bad precedent\u2019 Hon\u2019ble Karnataka High Court upholds rights of Unit Holders in Franklin Templeton<br \/>\nMutual Fund.<br \/>\nThe Hon\u2019ble Karnataka High Court today delivered its final judgement on the issue of abrupt winding up of 6 schemes of Franklin Mutual Fund.While we await the copy of Judgement of Hon\u2019ble Karnataka High Court, following is our interpretation of the Judgement<br \/>\n\u2022 Decision of the Trustees of FT Mutual Fund cannot be implemented till<br \/>\nmajority of the unitholders grant their consent under MF Regulation<br \/>\n18(15)(c). The majority shall be a simple majority<br \/>\n\u2022 Board Minutes of Trustees to be made available to Unit Holders.<br \/>\n\u2022 The decisions taken by trustees would be amenable to judicial review under<br \/>\nArticle 226 of the Constitution since the trustees discharge public duty.<br \/>\n\u2022 Regulation 39 to 41 of SEBI Mutual Fund Regulations are legal and valid.<br \/>\n\u2022 SEBI has not been proactive and has failed in its duty \u2013 to protect the interest<br \/>\nof the investors.<\/p>\n<p>The Counsel for CFMA, Mr. Nithyaesh Natraj commented that its half battle won wherein rights of unit holders are upheld by the Hon\u2019ble Court. He further stated\u00a0that there are few areas which the Hon\u2019ble Court have not decided upon and which as per him may set a wrong precedent for the Mutual Fund Industry. He further stated that it has been rightly observed by Hon\u2019ble Karnataka High Court that SEBI has failed to be proactive. Unit Holders have lost faith in SEBI whose birth is to protect the interest of Investors and therefore, Judiciary is the<br \/>\nonly hope. He emphasized that CFMA is for sure challenging the order in Supreme Court so that interest of unit holders are protected further.<br \/>\nThe unit holders would still be concerned that their fate is decided by the Trustees of Mutual Fund considering its lopsided structure. The Trustee Companies who are merely formed with 10 lakhs worth capital, no full time employees and annual outgo of few lakhs and who\u00a0 hereby lack independence cannot be made responsible and accountable to decide upon the fate of the unit holders. Further,<br \/>\nthe unit holders would continue to be concerned as an industry issue, if the decision of Trustees is going to be considered as sacrosanct as it would risk investment of 3 lakh unit holders of Franklin Mutual Fund may face risk of upto 70 to 80% of capital erosion. If this is extrapolated, it would mean potential risk to unit holders across the industry who may end up risking Rs 20 lakh crores is high is<br \/>\nthe total Industry exposure. The Operation of the Judgement has been stayed for the period of 6 weeks from today on the request made by the Counsel appearing for Trustees and AMC of Franklin Mutual Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CFMA to approach Hon\u2019ble Supreme Court as \u2018leaving the fate of 3 lakh Unit Holders at the mercy of Trustees without knowing the content of Forensic Audit will set a bad precedent\u2019 Hon\u2019ble Karnataka High Court upholds rights of Unit Holders in Franklin Templeton Mutual Fund. The Hon\u2019ble Karnataka High Court today delivered its final [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":60328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[47382,47381,3518],"class_list":["post-60327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-cfma","tag-franklin-mutual-fund","tag-karnataka-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hon\u2019ble Karnataka High Court upholds rights of Unit Holders in Franklin Templeton Mutual Fund - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"CFMA to approach Hon\u2019ble Supreme Court as \u2018leaving the fate of 3 lakh Unit Holders at the mercy of Trustees without knowing the content of Forensic Audit - Get the latest legal news from the Supreme Court, High Courts, and government. 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Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalindia.com\/news\/honble-karnataka-high-court-upholds-rights-of-unit-holders-in-franklin-templeton-mutual-fund","og_locale":"en_US","og_type":"article","og_title":"Hon\u2019ble Karnataka High Court upholds rights of Unit Holders in Franklin Templeton Mutual Fund - Legal News India - Supreme Court &amp; High Court Updates","og_description":"CFMA to approach Hon\u2019ble Supreme Court as \u2018leaving the fate of 3 lakh Unit Holders at the mercy of Trustees without knowing the content of Forensic Audit - Get the latest legal news from the Supreme Court, High Courts, and government. 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