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Franklin Templeton crisis: Dates for e-voting and meeting announced

Kotak Mahindra Bank will be assisting the trustees and providing independent advice, wherever required, in liquidation of assets.

May 28, 2020 / 11:09 PM IST
Representative image

Representative image

Franklin Templeton Mutual Fund on May 28 announced the dates for e-voting and meeting with the trustees as it looks to kickstart the liquidation process of its six debt schemes.

The e-voting will be held from 9 am on June 9 to 6 pm on June 11, 2020 and during the VC meeting hours while the unitholders meeting  will take place on June 12, 2020 (10:45 am to 11:45 am).

Moneycontrol had earlier reported that Franklin Templeton will ask its investors to choose between its own trustees or Deloitte Touche Tohmatsu India LLP (an audit and consulting firm) for liquidating the assets of the six wound-up schemes.

Each unit holder is entitled to vote only once per scheme that they have invested in, irrespective of the number of units.

The steps to wind up the schemes include active monetisation of assets and return of the investment proceeds to the unit holders.

The fund house said those who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process.

In the absence of authorisation, the winding up process will be delayed as further steps will be possible only after seeking a fresh authorisation from the unit holders.

The pay-outs to investors can be finalised and implemented only after the successful completion of the voting process. Franklin Templeton MF said the proceeds of sale will be first utilised towards discharge of liabilities that are due and payable under the scheme and after making appropriate provision for meeting the expenses connected with such winding up, the balance will be paid to the unit holders in proportion to their respective interest in the assets of the scheme.

Moneycontrol News
first published: May 28, 2020 09:17 pm