Franklin Templeton MF to start voting process to wind up six debt schemes soon

Mumbai: Franklin Templeton MF said it will begin the voting process necessary to wind up its six debt schemes soon. The fund house, in a communique to investors, urged unitholders to participate in the procedure, failing which the closure of the schemes would face delays. Franklin said its trustees will send emails to the unitholders seeking their approval for winding up the six schemes separately.

“Some investors believe that by voting in the “Negative”, the winding up will be reversed and that the six schemes will recommence the redemption and subscription process. This is not true,” said the fund’s president Sanjay Sapre in a letter dated May 14. “If trustees do not receive authorisation to proceed with the disposal of assets of the scheme, this may delay the process of monetising such assets and distribution of proceeds.”

Franklin scrapped the six debt schemes handling investor money worth Rs 26,000 crore on April 24.