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SC orders Rs 9,122 cr payment to investors in Franklin’s six shut schemes

The Supreme Court on Tuesday directed Franklin Templeton Mutual Fund to disburse Rs 9,122 crore to unitholders of its 6 shut debt strategies.

SBI Mutual Fund has been entrusted the responsibility of disbursing the total.

The money has to be dispersed to unitholders in 20 days and the parties are at liberty to move applications in scenario of complications arising out of the approach.

The 6 strategies have received complete income flows of Rs fourteen,391 crore till January 29, 2021 from maturities, coupon codes and prepayments.

The complete quantity of income optimistic strategies stands at five. These strategies have Rs 9,770 crore income obtainable to return to unitholders, issue to fund working expenditures. The balance Rs 4,621 crore has been utilised to repay borrowings and curiosity thereon of the 6 strategies.

Separately, Franklin India Small Length Fund, Franklin India Ultra Small Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit rating Chance Fund and Franklin India Small Expression Profits Strategy have sixty five per cent, 53 per cent, forty one per cent, 27 per cent and eleven per cent of their respective AUM in income.

The asset supervisor experienced shut 6 debt strategies on April 23, citing redemption pressures and deficiency of liquidity in the debt market.

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