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 Sc