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 (HC), which is an appeal against a decision of a single judge to another bench of the same court.

The appeal has been filed in Gujarat HC, which had put stay order on e-voting by unitholders in the six wind-up schemes of Franklin Templeton Mutual Fund (MF).

ALSO READ: Race for digital-first film releases hots up on OTTs after Gulabo Sitabo

The matter is also likely to be up for hearing in Supreme Court this week, where FT MF has filed an appeal to hear High Court’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 the unitholders of Franklin’s schemes under wind-up, options on how they wish to take

forward the wind-up and scheme asset monetisation process.

ALSO READ: Coronavirus LIVE: Maharashtra records 1,409 deaths, 2,701 new cases

Earlier in the month, Gujarat HC had given ad-interim relief on petition filed over the wind-up move, by staying the e-voting. After considering petitioners’ submissions and FT MF’s appeal seeking relief, the HC extended the stay on e-voting process till

Securities and Exchange Board of India’s (Sebi) forensic audit is made public.

The petitioners Areez Pirozsha Khambatta and Persis Khambatta, who are FT MF investors and belong to business family running popular juice brand Rasna, had also named as one of the respondents in their HC petition.

In recent days, petitions in Delhi HC and Madras HC have also been filed on FT MF’s wind-up move.