JUDGMENT

1. The event which lead to filing of this group of petitions is the notice dated 23rd April, 2020 issued by the Franklin Templeton Trustee Services private Limited (for short "the Trustees") by taking recourse to the provision of sub-clause (a) of clause (2) of Regulation 39 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (for short 'the Mutual Funds Regulations'). By the said notice, it was declared that the Trustees have decided to wind up the following six Schemes of the Franklin Templeton Mutual Fund:

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)

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

2. There were three writ petitions filed in the High Courts of Delhi, Gujarat and Madras for challenging the action of winding up of the aforesaid six Schemes (for short "the said Schemes"). A criminal petition was filed in Madras High Court seeking a writ of mandamus against the respondents therein for setting criminal law in motion against those who were allegedly responsible for the winding up of the said Schemes.

3. On 19th June, 2020, the Apex Court passed an order in Special Leave Petition (civil) No.7553/2020 and Transfer Petition (civil) Nos.663-664/2020), transferring the aforesaid four cases to this High Court. The order of the Apex Court reads thus:

"After hearing the learned senior counsel appearing for the parties at length, we are not inclined to entertain the interim order dated 08.06.2020 passed by the High Court of Gujarat at Ahmadabad in Civil Application No. 1 of 2020 in Special Civil Application No. 7201 of 2020.

It is pointed out that several writ petitions are pending in the High Court of Gujarat, The High Court of Delhi as well as the High Court of Judicature at Madras. It is agreed that let the matters be transferred to the High Court of Karnataka, to be heard by a Division Bench. Thus, we request the Hon'ble Chief Justice of the High Court of Karnataka to take up matters himself in a Division Bench. Let the pending matters be transmitted to the High Court of Karnataka, including the appeal filed by SEBI before the High Court of Gujarat against the interim order.

Let the matters be transmitted to the High Court of Karnataka within 15 days by the concerned High Courts. Let the High Court of Karnataka hear and finally decide the matter, including SEBI appeal, within three months.

As per the list provided by the learned counsel, the following matters are to be transmitted to the High Court of Karnataka:-

M/S Chennai Financial Markets and Accountability V. SEBI and others, W.P.No.7744/2020 filed before the Madras High Court.

Areez Phirozsha Khambatta and Ors. V. SEBI and Ors., Civil Application No.7201 of 2020 filed before the Gujarat High Court.

Amruta Garg (Formerly Amruta Narendra Nikam) V. UOI and Ors., W.P. (Civil) 3366/2020 filed before the Delhi High Court.

M/S. Chennai Financial Markets and Accountability V. Additional Director General of Police, CRL OP No. 8660/2020 filed before the Madras High Court.

SEBI V. Franklin Templeton Trustee Services Pvt. Ltd., bearing LPA No. 311/2020 in SCA No. 7201/2020 filed before the Gujarat High Court.

LPA No. 311/2020 - Securities and Exchange and Board of India Versus Franklin Templeton Trustees Services Pvt. Ltd. & others.

In view of the above, the Special Leave Petition and the Transfer Petitions are disposed of."

4. In Writ Petition No.7744/2020 filed in the Madras High Court, Special Civil Application No.7201/2020 filed in the Gujarat High Court and Writ Petition (Civil) No. 3366/2020 filed in the Delhi High Court, the challenge in substance is to the decision