SC refuses Franklin Templeton crisis; case transferred to Karnataka HC
In the first place, SC refuses the Franklin Templeton case on June 19th. The Supreme Court had dismissed the Special Leave Petition filed by the fund house. As in, this petition came up against the Gujarat High Court’s stay order on the winding up of its six debt funds. Thus, SC declined to involve in the case as it remains unheard of in the lower courts.
Besides, the fund house also filed a transfer petition in the SC. By the same token, the fund house ought to transfer all the cases to the Delhi High Court. Rather appearing as separate cases in the Gujarat and Madras High Courts. On the other hand, SC said these cases would now remain transferred to Karnataka High Court. It also informed the Franklin Templeton that the matter might earn a hearing within the next three months.
Likewise, the Gujarat HC also postponed the Letters Patent Appeal (LPA) filed by the capital market regulator, SEBI against the HC order.
While this LPA remained filed at a division bench of the same HC that issued the stay order, hence, the court has adjourned the case to June 23rd. Certainly, now that the SC has transferred all the cases to Karnataka HC, even the LPA would get heard in the same HC.