Franklin Templeton AMC

On Monday, a bench comprising Justices Abdul Nazeer and Krishna Murari took on record a submission made by the fund house that it would not launch any new debt scheme till the pendency of the appeal before SAT. The bench, however, refused to interfere in the other part of the order, which directed the Franklin Templeton to pay Rs 250 crore against demand of Rs 512 crore, and granted four weeks to the petitioner to file their reply before the tribunal.

In a letter to investors, Sanjay Sapre, the President, Franklin Templeton Asset Management (India) Pvt. Ltd. said: "The restriction on launching any new debt schemes for a period of two years shall remain stayed during the pendency of the appeal. We have complied with the conditions prescribed in the SAT order and the matter is listed on August 30, 2021, for further hearing."

In a letter to the investors, Franklin Templeton Asset Management (India) Pvt Ltd President, Sanjay Sapre, said that the order has no impact on any scheme across segments managed by the fund house. "The SEBI order does not impact the current monetisation process of the six debt schemes under winding up being undertaken by the liquidator.

A fine of Rs 4 crore has been slapped on Vivek Kudva and Rs 3 crore on his wife. They have also been asked to return an amount of Rs 22.64 crore in an escrow account to the SEBI, which will be released to them along with the cash being disbursed to other investors. This is the amount they received on redemption before the six schemes of Franklin Templeton Mutual Fund were shut last year.