The Supreme Court has transferred the petitions pending in the High Courts of Gujarat, Madras and Delhi challenging the winding up of the debt funds of Franklin Templeton to the High Court of Karnataka.
"Let the matters be transmitted to the High Court of Karnataka within 15 days by the concerned High Courts. Let the High Court of Karnataka hear and finally decide the matter, including the SEBI appeal, within three months", ordered a bench comprising Justices Arun Mishra and S Abdul Nazeer on June 19.
The top court has requested the Chief Justice of Karnataka HC to take up matters himself in a Division Bench.
The order came in the transfer petition filed by Franklin Templeton seeking consolidation of various petitions filed with respect to the winding up of debt funds.
The SC however declined to interfere with the June 8 order of the Gujarat HC which stayed the e-voting process for winding up.
It was in April that Franklin Templeton announced its decision to wind up six debt funds citing low liquidity. Nearly three lakh investors are estimated to be affected by this decision.
The following are the matters directed to be transferred to Karnataka HC :
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