Supreme Court of India
Franklin Templeton Trustee Services Private Limited and Another v. Amruta Garg and Others Etc
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1 Supreme Court bench has cited this judgment.
What the Court ordered
We hold that for the purpose of clause (c) to Regulation 18(15), consent of the unitholders would mean consent by majority of the unitholders who have participated in the poll, and not consent of majority of all the unitholders of the scheme.
Judgment, page 38
From the headnote
Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 – Regulation 18(15)(c), 39(2)(a) – Winding up of Mutual Fund Schemes – Consent of unitholders – Held: For the purpose of clause (c) to Regulation 18(15), consent of the unitholders would mean consent by majority of the unitholders who have participated in the poll, and not consent of majority of all the unitholders of the scheme – In the present case, the objections to poll results rejected – Unitholders of the six schemes have given their consent by majority to wind up the six schemes – With the consent of the parties…
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Where later benches applied it
Of those, 1 referred to
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