Franklin Templeton Trustee Services Private Limited vs Amruta Garg And Others Etc.

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2021 Supreme(SC) 74

S. ABDUL NAZEER, SANJIV KHANNA
Franklin Templeton Trustee Services Private Limited – Appellant
Versus
Amruta Garg And Others Etc. – Respondent

Advocates Appeared:
For the Petitioner(s):Harish Salve, Abhishek Manu Singhvi, Ashish Bhan, Mohit Rohatgi, Jasmeet Singh, Ashim Sood, Rajendra Dangwal, Adv. Madhavi Khanna, Saif Ali, Meenakshi Arora, Nithyaesh Natraj, Vaibhav R.Venkatesh, Gopal Singh, Ravindra Shrivastava, Arjun Garg, Abhinav Shrivastava, Karan Kohli, Puneet Jain, Harshit Khanduja, Harsh Jain, Akshat Maheshwari, Harshvardhan Sharma, Neeraj Sharma, Christi Jain, Tushar Mehta,SG Pratap Venugopal, Surekha Raman, Akhil Abraham Roy, Vijay Valsan, For M/S. K J John And Co, Shivam Singh, Sahil Raveen, Jaideep Khanna, Manish Kumar, Advocates
For Respondent(s):Tushar Mehta, SG Arvind P.Datar, Pratap Venugopal, Surekha Raman, Akhil Abraham Roy, Vijay Valsan, For M/S. K J John And Co, Advocates
For the UOI :Tushar Mehta, SG Rajat Nair, Garima Prasad, Priyanka Das, Arvind Kumar Sharma, Harish Salve, Dr. Abhishek Manu Singhvi, Ashish Bhan, Mohit Rohatgi, Jasmeet Singh, Rajendra Dangwal, Ashim Sood, Madhavi Khanna, Saif Ali, Meenakshi Arora, Nithyaesh Natraj, Vaibhav R.Venkatesh, Gopal Singh, Meenakshi Arora, Nithyaesh Natraj, Vaibhav R.Venkatesh, Anirudh Sriram, Gopal Singh, Ravindra Shrivastava, Arjun Garg, Abhinav Shrivastava, Karan Kohli, Supriya Juneja, Puneet Jain, Harshit Khanduja, Harsh Jain, Akshat Maheshwari, Harshvardhan Sharma, Neeraj Sharma, Christi Jain, Advocates
For the Intervenor(s) :Meenakshi Arora, Manish Kumar, Advocates
For the Applicant(s) : Dheeraj Nair, Kumar Kislay, Angad Baxi,Adv.
For the Applicant(s) :Madhumita Bhattacharjee, Arti Jain, Srija Choudhury, Advocates
For the Applicant(s) :Sanjay Kapur, Megha Karnwal, V.M.Kannan, Sambit Panja, Arjun Bhatia, Advocates

ORDER :

SANJIV KHANNA, J.

Leave is granted in the above captioned Special Leave Petitions which emanate from the judgment dated 24th October, 2020 by a Division Bench of the Karnataka High Court, deciding three writ petitions and a writ appeal, wherein the challenge in substance was to the winding up, as well as the procedure for winding up, of six schemes of the Franklin Templeton Mutual Fund, namely:

(i) Franklin India Low Duration Fund (Number of Segregated portfolios – 2),

(ii) Franklin India Ultra Short Bond Fund (Number of Segregated portfolios – 1),

(iii) Franklin India Short Term Income Plan (Number of Segregated portfolios – 3),

(iv) Franklin India Credit Risk Fund (Number of Segregated portfolios – 3),

(v) Franklin India Dynamic Accrual Fund (Number of Segregated portfolios – 3), and

(vi) Franklin India Income Opportunities Fund (Number of Segregated portfolios – 2).

2. The judgment under challenge inter alia interprets the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘Mutual Fund Regulations/ Regulations’) framed by the Securities and Exchange

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2021 Supreme(SC) 74

S. ABDUL NAZEER, SANJIV KHANNAFranklin Templeton Trustee Services Private Limited – AppellantVersusAmruta Garg And Others Etc. – Respondent

Cases Referred (3)

S. ABDUL NAZEER, SANJIV KHANNA
Franklin Templeton Trustee Services Private Limited – Appellant
Versus
Amruta Garg And Others Etc. – Respondent