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Franklin Templeton India crisis | Supreme Court transfers all cases to Karnataka High Court

The Supreme Court Court refused to interfere in Franklin Templeton's debt schemes wind-up case as the matter is still being heard in lower courts

June 19, 2020 / 01:28 PM IST
Supreme Court of India

Supreme Court of India

The Supreme Court on June 19 disposed of the Special Leave Petition filed by Franklin Templeton mutual fund against the Gujarat High Court's stay order on the winding up of its six debt funds. SC refused to interfere in the case as the matter is still being heard in lower courts (high courts).

The Supreme Court also heard the fund house’s transfer petition. As separate cases are ongoing in the Gujarat High Court, the Madras high court and earlier the Delhi High Court as well, the fund house wanted to transfer all the cases to the Delhi High Court. SC said these cases will now be transferred to Karnataka High Court. It added that the matter would be preferably heard within the next three months.

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Separately, the Gujarat High Court also postponed the Letters Patent Appeal filed by the capital market regulator, Securities and Exchange Board of India (SEBI) against the Gujarat high court order.

This LPA was filed at a division bench of the same high court that had issued the stay order against the winding-up process. The Court said since the same matter was listed in the Supreme Court today, it thought it best to adjourn the matter to Tuesday, June 23. In fact, now that the Supreme Court has transferred all cases to Karnataka High Court, even this LPA would get heard in the Karnataka High Court.
Kayezad E Adajania
first published: Jun 19, 2020 01:22 pm