FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED vs AMRUTA GARG

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2021 Supreme(SC) 319

S.ABDUL NAZEER, SANJIV KHANNA
FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED – Appellant
Versus
AMRUTA GARG – Respondent

Advocates appeared:
For the parties:Dr. Abhishek Manu Singhvi, Ashish Bhan, Mohit Rohatgi, Jasmeet Singh, Ketan Gaur, Ashim Sood, Rajendra Dangwal, Saif Ali, R.S.Saluja, Ravindra Shrivastava, Arjun Garg, Abhinav Shrivastava, Nirmal Prasad, Ms. Meenakshi Arora, Nithyaesh Natraj, Vaibhav R.Venkatesh, Gopal Singh, Ms. Meenakshi Arora, Nithyaesh Natraj, Vaibhav R.Venkatesh, Anirudh Sriram, Gopal Singh, Ms. Meenakshi Arora, Manish Kumar, Ms. Madhumita Bhattacharjee, Ms. Srija Chowdhury, Anant, Pratap Venugopal, Ms. Surekha Raman, Akhil Abraham Roy, Vijay Valsan, M/S. K J John And Co, Paritosh Gupta, Ms. Supriya Juneja, Aditya Singla, Ms. Aishwarya Reddy, Ms. Cheshta Jetly, Shivam Singh, Sahil Raveen, Jaideep Khanna, Vidur Diwedi, Manish Kumar, Puneet Jain, Harshit Khanduja, Harsh Jain, Akshat Maheshwari, Harshvardhan Sharma, Neeraj Sharma, Ms. Christi Jain, Dheeraj Nair, Kumar Kislay, Angad Baxi, Rajat Nair, Ms. Priyanka Das, Arvind Kumar Sharma, Sanjay Kapur, V.M.Kannan, Ms. Megha Karnwal, Arjun Bhatia, Mrs.Shubhra Kapur, Lalit Rajput, Advocates
.

ORDER :

SANJIV KHANNA, J.

By the order dated 12th February 2021, interpreting Regulation 18(15)(c) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (hereafter referred to as ‘Regulations’) and accepting the poll results, we have directed winding up of six mutual fund schemes:

(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. We would now proceed to interpret Regulations 39 to 42 and their interrelation with Regulation 18(15)(c). We shall also examine and decide the challenge to the constitutional validity of Regulations 39 to 42. As elucidated in the course of hearings and reflected in the order dated 12th February 2021, it would be inopportune to decide and dispose of these appeals, as facts remain disputed and are sub-judice al

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2021 Supreme(SC) 319

S.ABDUL NAZEER, SANJIV KHANNAFRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED – AppellantVersusAMRUTA GARG – Respondent

S.ABDUL NAZEER, SANJIV KHANNA
FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED – Appellant
Versus
AMRUTA GARG – Respondent