“Kotak Mahindra Bank is pleased to take on this assignment and is looking forward to working closely with the trustees and the AMC (FTMF) to assist them in wind-up of these schemes,” said Sujata Guhathakurta, president - debt capital markets, Kotak Mahindra Bank.
Recently in another note to unitholders, FT MF said that the schemes will explore all possibilities to monetise the underlying assets in the portfolio before their respective maturities. While the aim will be to return the monies well in advance of the maturity dates, the fund house will not resort to distress sales.
Further, the fund house pointed out that trustees would need their authorisation through the voting process, to monetise the holdings of respective schemes, without which the repayment process could get delayed.
"If trustees do not receive authorisation to proceed with the disposal of assets of the scheme, this may delay the process of monetising such assets and distribution of proceeds,” the fund house said and added that the payment schedule/payouts can only be finalised and implemented after the successful completion of the voting process.
(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt. Ltd.)