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The Karnataka High Court will shortly resume the hearing on plea challenging validity of Regulations 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up on MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Bench will today be hearing the arguments on behalf to SEBI. Arguments to be addressed by Mr. Arvind Dattar, Senior Advocate.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
Bench: Can the order appointing the forensic auditor be placed on record?
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on plea challenging validity of Regulations 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up on MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
The Karnataka High Court will hear the arguments on the Impleadment application which was filed before the Gujarat High Court.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
Regulation 39(3) does not envisage any notice being sent to the unit holders.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on plea challenging validity of Regulations 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up on MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
The bench will today hear the Criminal writ petition transferred from Chennai.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
Adv. Nithyaesh Natraj is advancing arguments on behalf of the Petitioner.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on plea challenging validity of Regulations 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up on MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
The bench will today hear the writ petition transferred from Chennai.
@LiveLawIndia @barandbench @BloombergQuint @livemint @EconomicTimes @bsindia #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench @BloombergQuint @livemint @EconomicTimes @bsindia #gslupdates #franklintempleton #franklinupdate
Adv. Nithyaesh Natraj is advancing arguments on behalf of the Petitioner.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on plea challenging validity of Regulations 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up on MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Yesterday, Sr. Adv. Dr. Aditya Sondhi pointed out the fact to the court that the enhanced borrowing limit should have been utilised for the purpose of redemption of units.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
Dr. Sondhi: The October- December quarter witnessed an unprecedented rise in the redemption requests. This was due to the circular of SEBI of October 2019.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on plea challenging validity of Regulations 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up on MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
On Friday, Sr. Adv. Mr. Aditya Sondhi appearing on behalf of the Petitioner in the writ transferred from Gujarat submitted that the trustees did not conduct any meeting of the unit holders thereby violating the provisions of their own scheme information document.
#gslupdates
#gslupdates
Mr. Sondhi: Regulation 18 (15A) contemplates a written communication to the unit holders when there is a change proposed in the fundamental attributes of a scheme.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume hearing on plea challenging the validity of Regulation 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 pertaining to winding up of MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Yesterday, Sr. Adv. Mr. @sradvravindra pointed out to the court that an event speculated under Regulation 39 should be of such a nature so as to make it impossible to continue with the scheme and not merely making it uneconomical for the company to continue with it.
#gslupdates
#gslupdates
Mr. @sradvravindra: #SEBI has the power and therefore the duty to protect the interest of investors.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume hearing on plea challenging the validity of Regulation 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 relating to winding up of MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Yesterday, Sr. Adv. Mr. @sradvravindra submitted that an expert can ascertain whether a decision of winding up is in the interest of investors or the interest of the trustees.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
Mr. @sradvravindra: Recommendations of AMC and decision taken by trustees have not been placed on record. The notice which was published is on record.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume hearing on plea challenging the validity of Regulation 39 to 41 of #SEBI (Mutual Fund) Scheme, 1996 pertaining to winding up of MF schemes.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Yesterday, Sr. Adv. Mr. @sradvravindra pointed out to the court that the regulations do not allow #SEBI to enter into the arena of judging the correctness of the decision of winding up.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Mr. @sradvravindra: Under regulation 41(2)(b) the investors have the lowest priority of receiving the money which is discriminatory.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on Plea challenging the validity of #SEBI (Mutual Fund) Regulations, 1996 relating to winding up of MF schemes Regulations 39 to 41.
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@amrutanikam26 @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
In the last hearing it was summarised by Sr. Adv. @sradvravindra that Regulation 39(2)(a) should be harmoniously construed with regulation 18(15) which requires the consent of unit holders for taking the decision of winding up.
@sh_abhinav @LiveLawIndia @barandbench #gslupdates
@sh_abhinav @LiveLawIndia @barandbench #gslupdates
Mr. @sradvravindra : The Court may ask #SEBI at some stage regarding the outcome of forensic audit being conducted against FT.
@sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
@sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdate
The Karnataka High Court will shortly resume the hearing on plea challenging the validity of #SEBI (Mutual Funds) Regulation, 1996 pertaining to winding up of MF schemes Regulation 39 to 41.
@sradvravindra @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
@sradvravindra @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Yesterday, Sr. Adv. @sradvravindra appearing on behalf of the Petitioner pointed out that in a press release #SEBI condemning the actions of some MF schemes.
@sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
@sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
He cited the #SEBI press release which said that some MF houses have chosen to high concentration of high risk, unlisted debt securities with low credit ratings and did not rebalance their portfolios even during 12 months available to them.
#gslupdates #franklintempleton
#gslupdates #franklintempleton
The Karnataka HC will shortly resume the hearing on plea challenging #SEBI (Mutual funds) regulations, 1996 regarding the winding up of MF schemes, Regulation 39 to 41.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
Yesterday, Sr. Adv. Mr. Ravindra Shrivastava pointed out that the winding up of the mutual fund schemes have put a clog on the redemption on the units.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
This clog on redemption is a change in the fundamental attribute of the scheme.
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
@LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
Karnataka High Court is hearing a writ petition challenging the validity of #SEBI (Mutual Funds) Regulation, 1996
@sh_abhinav #gslupdates #franklintempleton
@sh_abhinav #gslupdates #franklintempleton
The matter is being heard by a division bench comprising of the Hon’ble Chief Justice and Hon’ble Justice Ashok S. Kinagi.
#gslupdates #franklintempleton
#gslupdates #franklintempleton
These matters were transferred from all over the country to Karnataka by order of the Hon'ble Supreme Court.
#gslupdates #franklintempleton
#gslupdates #franklintempleton
