A major investor association has lifted questions about the legality of the voting course of action for the winding up of 6 funds that Franklin Templeton Asset Administration (India) manages.
There was no postal intimation to unitholders who didn’t have a registered e-mail tackle, in accordance to a letter that Midas Touch Traders Association sent to the Securities and Exchange Board of India (Sebi). It included also argued that unitholders should have a vote in proportion to their holdings.
“The principle of one particular vote per shareholder violates the suitable of the unitholder, and therefore is Illegal,” said the letter from founder Virendra Jain to the regulator.
Legal impression pointed to the want for equivalent cure in terms of intimation.
“We be aware basis the detect for e-voting as posted on its web-site, that the unitholders suitable to vote have been to acquire their login credentials for the e-voting course