Franklin Templeton says winding-up process will be delayed
Franklin Templeton Mutual Fund, which closed six debt schemes, has said the winding-up process will be delayed in the absence of authorisation from investors and further steps will be possible only after seeking fresh approval from them.
It further said that investors who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process.
In a late night announcement, Franklin said the voting window for affected investors would be opened for three days starting June 9.
The e-voting window would open on June 9 and close on June 11 and the unit holders' meeting through video conferencing would happen on June 12, the fund house said.
Over the next few days, the trustees will send a notice related to the voting process and unitholders’ meet to the participants in the six schemes being closed.
The notice will be sent for each scheme separately, the fund house said in a letter to its distribution partners.
The voting activity and the unitholders meet will be an electronic exercise and it will be conducted separately for each of the six schemes.
Apart from the letter, the fund also issued answers to frequently asked questions (FAQs). Investors are being asked to vote as schemes can be wound up only after repaying the amount due to the unitholders. The steps to wind up the schemes include active monetisation of assets and return of the investment proceeds to the unitholders.
“In the absence of authorisation, the winding-up process will be delayed as further steps will be possible only after seeking a fresh authorisation from the unitholders,” Franklin Templeton MF said in the FAQs.