It added that the report given by Sebi in a sealed cover to the court is not final but tentative and was not relevant for adjudication of the present issues. The court has given Sebi six weeks to make a decision on the forensic audit report.
Earlier this month, the court passed an order to take on record duly notarised copies of affidavits filed by the asset manager (e-filed originally) as per the standard operating procedure of the court.
The case against the asset manager was filed by some unitholders of the six debt schemes that were shut in April.
In April, Franklin Templeton
decided to wind up six of its debt schemes oriented towards high-yield investments with total assets under management of over Rs 25,000 crore. It cited continued redemption pressure and lack of liquidity in the debt market, amid the coronavirus-induced lockdown, for the closure.
A few weeks ago, the EOW of the Chennai Police registered a first information report (FIR) against the asset manager and Franklin Templeton Trustee Services for an alleged criminal conspiracy to defraud 300,000 investors by causing wrongful loss to them and unlawful gain to themselves.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.