Supreme Court adjourns Franklin Templeton case to July

The Supreme Court on Thursday adjourned the case filed by multiple unit holders against Franklin Templeton Mutual Fund to July. The adjournment has been given to allow time to the Securities and Exchange Board of India (Sebi) to conclude its adjudication proceedings against the fund house, according to experts. "The adjournment of the case on merits to July by the Supreme Court is basically to give time to Sebi to finish its adjudication process. Once the process concludes, we can resume arguments on merits and on the question of compensation to unit holders," said Paritosh R Gupta, a lawyer representing the Khambatta family, who are petitioners in the case. In January, the apex court had asked SBI Funds Management Pvt Ltd to take over distribution of the money collected in the six frozen schemes of Franklin Templeton. Accordingly ?9,122 crore was distributed in February 2021. SBI Funds Management would also have to organise the liquidation of the remainder of the portfolios of the six schemes. According to media reports, Sebi has initiated an investigation in the sales of units by Franklin executives before the closure of the schemes. Separately, the Enforcement Directorate (ED) has filed a case against Franklin Templeton Asset Management based on an FIR filed by the Chennai Police against the fund house in September, reports said.

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