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SC Asks Franklin Templeton To Seek Unit-Holders’ Consent For Closure Of Funds

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New Delhi: The Supreme Court directed Franklin Templeton Mutual Fund (FTMF) to initiate the process of meeting and taking votes of unit-holders, within a week from Thursday, and get their consent on winding up of its six debt schemes.
The apex court said there will be no redemption of units by investors till further orders.
A bench of Justices S. Abdul Nazeer and Sanjiv Khanna observed that the issue is big and people wanted a refund.
The Chennai Financial Markets and Accountability (CFMA), an investor protection body fighting for the cause of the unit-holders, strongly pointed out that the unit-holders have to keep in mind while voting that there could be a write off of Rs 13,000 to up to 20,000 crore out of an AUM of Rs 28,000 crore, if the winding-up is allowed to be proceeded “due to the fraudulent practices” of the FTMF.
“The FTMF is fooling unit-holders and misguiding them by convenient English. But it is still not giving any assurance whether the unit-holders will get 100 per cent of their money back or not,” it argued.
The FTMF is willing to repay borrowings from creditors but not the legitimate hard-earned money of the investors, the CFMA said, noting as per the FTMF itself, four out of its six debt schemes are cash positive.
“This has left investors asking why the FTMF proceeded to wind up the schemes. Either their press releases are false, or the unit-holders are being taken for a ride. The facts speak for themselves and it is, therefore, the unit-holders to decide whether they accept a haircut of Rs 14,000 crore on their investments or fight for the recovery of their entire investments,” the CFMA stated.
If this (the closure) is allowed, this could set up a bad precedent for the mutual fund industry, the CFMA said, accusing Sanjay Sapre, President of Franklin Templeton Asset Management (India), of “spreading lies and misguiding the unit-holders”.
Meanwhile, the stay on redemptions in the mutual fund schemes will continue for now.
The bench posted the matter for further hearing next week and directed that all cross-appeals be placed on record.
(IANS)

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Notorious Chadar gang arrested in more than 100 incidents

This gang of Ghodasahan village of East Champaranya in Bihar state is infamous all over the country. In the dark of night, the gang comes in large numbers and lays blankets in front of the shop.

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Notorious Chadar gang arrested in more than 100 incidents

The Crime Branch of Meera Bhaidar Vasai Virar Police has arrested a gang of ‘Ghodasahans’ alias Chadar who have been dodging the police in different states of the country for the past several years. The gang used to be able to break the shutters of the shop with the sheets horizontally, the gang has more than a hundred crime cases registered in different states.

This gang of Ghodasahan village of East Champaranya in Bihar state is infamous all over the country. In the dark of night, the gang comes in large numbers and lays blankets in front of the shop. Other members break the shutters of the shop and burn the goods inside within a few minutes. They mainly stole watches, mobiles, and electronic items. They used to leave after stealing in the night. They used to sell stolen goods in Nepal. The gang had no means of communication, which made it difficult for the police to nab them. Meera Bhaidar Vasai Virar Police Commissionerate Crime Branch had received information about the gang. The police had received information that some gang members would come to rob the petrol pump. Under this, the police have arrested 10 members of the gang by laying a trap. Various weapons brought for loot and goods worth 1.5 lakh were seized from them.

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Big success for MBVV Police:

With the help of Crime Branch Unit 2 officers and a team of police personnel, the Unit 3 team disguised as the petrol pump and laid a trap on Tuesday morning. Seven accused, who came to carry out the robbery, were caught by the gang, while three accused were caught running towards the Tulinj police station area in shorts and vests. One accused is still absconding in this case. Police arrested 10 accused 1) Naeem Hadith Devan 48 years old, 2) Vikram Kumar Premchand Prasad 25 years old, 3) Naeem Munna Dewan 25 years old, Suheb Ahmed 45 years old, Vijaykumar Mahato 25 years old, Aslam Sai 27 years old, Dharmendra Shahani 29 years old, Vikeshkumar Paswan 19-year-old, Rohikumar Paswan 19-year-old, Omnath Kumar Saha 24-year-old have recovered Rs 70,000 in cash and two knives. The 10 accused have been sent to 11-day police custody after being produced in the Vasai Court under police protection.

Recovered from:

After disclosing the case of Virar, Nalasopara, Dindoshi 3 police stations, mobile phone and cash amount of Rs 1 lakh 64 thousand 810 recovered. The gang had registered more than 100 cases of robbery and theft in various states of the country including Vasai Virar. He used to rake theft in the dark of night, and after some time he used to steal away. Crime Branch Police Inspector Pramod Badakh told that he used to sell stolen goods in Nepal as well. Arresting this gang was a big challenge. However, after a thorough investigation by our police, the gang has been caught red-handed, Deputy Commissioner of Police (Crime) Mahesh Patil said.

Disclaimer: This post has been auto-published from an agency news helpline feed without any modifications to the text and has not been reviewed by an editor

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Kejriwal appeals to people to follow Covid guidelines as Delhi Metro, markets reopen

Kejriwal on Saturday had announced further relaxations in the lockdown, and said Delhi Metro would operate at 50 per cent capacity and markets and malls in the national capital would open on an odd-even basis from June 7.

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Arvind Kejriwal speaking with media in his office in Delhi

Delhi Chief Minister Arvind Kejriwal on Monday appealed to people to follow Covid-appropriate behaviour amid the unlocking process in the national capital.

Kejriwal on Saturday had announced further relaxations in the lockdown, and said Delhi Metro would operate at 50 per cent capacity and markets and malls in the national capital would open on an odd-even basis from June 7.

“Many activities are resuming in Delhi from today. But take all the precautions to prevent corona completely – wear a mask, keep social distance and keep washing hands, there should be no laxity at all,” he said in a tweet in Hindi.

“One has to stay away from corona infection and also bring the economy back on track,” the chief minister added.

Malls, markets and market complexes (except weekly markets) will open between 10 am to 8 pm on an odd-even basis in accordance with their shop numbers, from Monday morning.

The Delhi Metro also resumed services from Monday. However, only half of the available trains have been inducted into service with a frequency ranging from nearly five to 15 minutes on different lines, officials said.

-PTI News

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Govt dismisses media reports on CoWIN being hacked

“There have been some unfounded media reports on the CoWIN platform being hacked. Prima facie, these reports appear to be fake,” a statement issued by the Union health ministry said.

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Man using Cowin website on mobile

The Centre on Thursday debunked media reports about CoWIN being hacked, stating that prima facie, these reports appear to be fake and that the portal stores all the vaccination data in a safe and secure digital environment.

“There have been some unfounded media reports on the CoWIN platform being hacked. Prima facie, these reports appear to be fake,” a statement issued by the Union health ministry said.

However, the ministry and the Empowered Group on Vaccine Administration (EGVAC) are getting the matter investigated by the Computer Emergency Response Team of the Ministry of Electronics and Information Technology (MietY), the statement said.

Dr R S Sharma, Chairman of the Empowered Group on Vaccine Administration (CoWIN), clarified that “our attention has been drawn towards the news circulating on social media about the alleged hacking of the CoWIN system. In this connection, we wish to state that CoWIN stores all the vaccination data in a safe and secure digital environment. No CoWIN data is shared with any entity outside the CoWIN environment. The data being claimed as having been leaked such as the geo-location of beneficiaries, is not even collected at CoWIN”.

– PTI News

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