Six shut schemes get Rs 11,576 crore so far: Franklin Templeton

Individually, Franklin India Low Duration Fund, Franklin India Ultra Short Bond Fund, Franklin India Dynamic Accrual Fund and Franklin India Credit Risk Fund have 48 per cent, 46 per cent, 33 per cent and 14 per cent of their respective AUM in cash, respectively.

“Post the judgement of the High Court of Karnataka, we considered all possible options over the last few weeks to start returning money to unitholders in the shortest possible time in an orderly manner,” the fundhouse said in a letter to unitholders.

This included the option of seeking unitholder consent according to the judgment of the High Court, it added.

“However, after detailed deliberations, we determined that it will be necessary to seek judicial intervention from the Supreme Court to ensure an appropriate implementation of the law in the best interest of unitholders,” it said. It remains the earnest desire and endeavour of the Trustee to ensure equitable distribution of scheme assets to unitholders at the earliest possible time, Templeton said.