The Supreme Court said Wednesday that majority shareholder approval is required if trustees are to pursue the winding up of the debt programs. However, the Supreme Court stressed that approval will be obtained after the announcements are published.
The Supreme Court ruling was based on a plea by Franklin Templeton, who is contesting the Karnataka Supreme Court ruling that its six debt programs should be closed without limited the consent of its investors with a simple majority.
The highest court also confirmed the validity of the fund regulations and in the event of a violation and a wrong decision by the trustees to liquidate, SEBI is authorized to intervene in these matters in exceptional cases according to § 11 B.
A bank, comprised of Judges S. Abdul Nazeer and Sanjiv Khanna, said the provisions of Section 53B had not been examined and it was made clear that the withholding of the verdict served to in no way interfere with the proceedings before SEBI to affect.
The bank made it clear that the court had not ruled on the facts t has been received, but has only examined the law in a theoretical interpretation exercise. « So we have not checked the facts at all. They remain open, » stated the bank.
The Supreme Court has taken note of the news reports that the SEBI has issued an order in the proceedings before it, which is now in a Appeal is pending before the SAT. The Supreme Court put the matter open for further trial in October 2021, giving parties the freedom to request an early hearing in the event of urgency.
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