The Supreme Court on Tuesday directed holding company Franklin Templeton to distribute Rs 9,122 crore within 20 days among the investors of six schemes that were closed down last year amid the coronavirus-induced lockdown, Bar and Bench reported.
A bench comprising justices S Abdul Nazeer and Sanjiv Khanna instructed the State Bank of India Mutual Funds to carry out the disbursement exercise.
Unit holders will be given an amount proportionate to their respective interest in the assets of the schemes. The court said that parties in the case can approach it in case they face difficulties in the process.
The court was hearing Franklin Templeton’s appeal against the Karnataka High Court order restraining the company from winding up the debt schemes without getting the investors’ consent by a simple majority.
On December 3, the Supreme Court had directed the company to convene a meeting of unit holders and get their consent for the closure of the six mutual fund schemes,…