Karnataka HC To Fix Schedule For Hearing Of Franklin Templeton Cases Cases On August 7

A division bench of Chief Justice Abhay Oka and Justice Ashok S Kinagi began hearing on the petitions after the Supreme Court on June 19, issued an order directing transfer of all the petitions filed in different high courts to the Karnataka High Court, for fresh hearing and disposal.

The apex court had said that the matters should be decided within three months time.

The bench on Wednesday issued notice to respondents in the case filed before the Madras High Court which has been transferred to the Karnataka High Court

The respondents have to file their replies by July 22 and rejoinder, if any, has to be filed by July 29.

The bench on the previous hearing had indicated that it would hear the cases twice or thrice a week and will hold sitting even on Saturdays. The bench has requested the counsels in different petitions to discuss among themselves and submit the schedule.

The court also directed the registry to send a reminder email to the registries of Madras, Delhi and Gujarat High Courts to inform the advocates on record in the cases which were filed before it to file vakalat and submit their personal details to the Karnataka High Court registry for better coordination.

Earlier this month, the Gujarat High Court had put on hold Franklin Templeton MF's e-voting process for winding up of the six mutual fund schemes. Franklin Templeton had filed a petition in Supreme Court challenging the stay granted by Gujarat high court on the e-voting process. Continuing the interim order of the Gujarat HC, the apex court transferred the matters. It was in April that Franklin Templeton announced its decision to wind up six debt funds citing low liquidity. Nearly three lakh investors are estimated to be affected by this decision.