The Supreme Court on Wednesday asked the Securities and Exchange Board of India (SEBI) to appoint an observer for overseeing the e-voting process, scheduled in the last week of December, for winding up of Franklin Templeton’s six mutual fund schemes.
“SEBI shall appoint an observer regarding the e-voting of unit holders which is scheduled between December 26 [and] December 29, 2020,” a Bench of Justices S. Abdul Nazeer and Sanjiv Khanna said.
The results of the e-voting would not be announced, but produced before the court in a sealed cover along with the report of the observer appointed by the SEBI.
“SEBI would also file a copy of the final forensic audit report before this court in a sealed cover. It is made clear that the trustees are undertaking the exercise of e-voting and SEBI, in terms of our directions, is appointing an observer,” the court noted.
The court directed that the interim order passed on December 3 staying redemption payment to the unit holders would continue till the next date of hearing. The court listed the case for hearing next in the third week of January.
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