According to CFMA, the appointment of T S Krishnamurthy, former chief election commissioner of India, as an observer was publicly produced by Sebi only immediately after the e-voting course of action started.
Chennai Financial Markets and Accountability (CFMA), 1 of the petitioners against the winding up of six schemes by Franklin Templeton Mutual Fund (FTMF), on Sunday mentioned that it is moving an urgent interim application ahead of the Supreme Court on Monday in search of to declare the complete e-voting course of action initiated by FTMF as non est in law.
The SC had in its order of December 9 directed Sebi to appoint an observer to oversee the e-voting course of action by FTMF which has currently commenced on December 26and is to be concluded on December 29.
According to CFMA, the appointment of T S Krishnamurthy, former chief election commissioner of India, as an observer was publicly produced by Sebi only immediately after the e-voting course of action started.
A couple of days, CFMA had filed an application in the Supreme Court alleging that in spite of the apex court’s December 9 order, no apparent measures have been taken by the Sebi to appoint an observer for overseeing the e-voting course of action with regard to winding up Franklin Templeton’s six mutual fund schemes.
In the urgent interim application filing on Monday, CFMA is pointing out that Sebi had announced the appointment of observer only immediately after the e-voting started and it was against the letter and spirit of the order passed by the SC on December 9.
CFMA mentioned it is in search of to declare the complete e-voting course of action scrapped by the SC apart from praying the apex court to direct an independent enquiry into no matter if there was a notice issued by Sebi on December 18 on appointment of the observer and also to confirm as to why for a 8 day period this details was not divulged to the public at significant. CFMA is also in search of the e-voting course of action to be undertaken beneath the aegis of the SC.
On December 3, the apex court had asked Franklin Templeton Mutual Fund to initiate measures inside 1 week for calling a meeting of unit-holders to seek their consent for closure of six mutual fund schemes. Consequently,on December 7, FTMF had mentioned it has sought consent of the unit-holders for the orderly winding up of the six schemes.