SC orders hearing of FT MF cases in Karnataka HC, e-voting stay remains

Fund house had appealed to apex court to hear plea to vacate stay on wind-up voting

The Supreme Court (SC) on Friday directed that cases relating to Franklin Templeton Mutual Fund (FT MF) winding up schemes filed in three high courts (HCs), be heard in the Karnataka HC. It did not intervene in Gujarat HC’s stay order on the e-voting process.

FT MF had approached the SC asking it to vacate the stay on the unitholders’ e-voting, which came into force following the Gujarat HC’s order. 

The Gujarat HC had granted the stay till a forensic audit of FT MF’s schemes