[Franklin Templeton debt schemes] ₹9,122 crore to be distributed among unitholders through SBI Mutual Funds: Supreme Court

The Supreme Court on Tuesday directed that a sum of ₹9,122 crore be disbursed to unitholders of the six Franklin Templeton mutual fund schemes in proportion to their respective interest in the assets of the scheme. .The Bench of Justice S Abdul Nazeer and Sanjiv Khanna entrusted State Bank of India (SBI) Mutual Funds to carry out the exercise of disbursement. after counsel appearing for all parties agreed to the same. .Counsel for Franklin Templeton Trusts Services Limited and Asset Management Company Limited agreed to fully cooperate with SBI Mutual Funds in this regard and will furnish the entire details pertaining to the debt schemes..The distribution of money to unitholders is required to be completed within twenty days from today. The Court also gave the parties liberty to move applications in case of any difficulty arising out of the process..On the last date of hearing, the Court had asked the Securities and Exchange Board of India (SEBI) to appoint an observer to oversee the e-voting process in relation to the Franklin Templeton debt schemes that were wound up this year..This, after the apex court agreed to hear a challenge to the Karnataka High Court verdict by which it was ordered that no interference can be made in the decision to wind up the six debt schemes of Franklin Templeton..On October 24, the Karnataka High Court had refused to interfere in the decision of the trustees to wind up the six debt schemes of Franklin Templeton. The Court, however, clarified that the consent of unit holders as per the regulations is to be obtained before going through the winding-up process.The High Court also deemed it appropriate to stay the operation of its judgment for a period of six weeks. It also restricted redemptions for this period. Franklin Templeton was further directed to refrain from taking any steps on the basis of the notices issued to wind up the debt schemes in April and May..Read a detailed account of today's hearing:.Franklin Templeton hearing: LIVE UPDATES from Supreme Court.(Read order)