What is the latest on the Franklin Templeton winding up of six mutual funds?

The latest the order from the Gujarat High Court ordering a stay on the shareholder vote process, which Templeton has sought to initiate. Actually, Templeton gave 2 choices to the unit holders. They could either vote for liquidation or for appointment of Deloitte as the valuer. The court felt that in the current situation and considering the facts of the case, both were unfair to unit holders. It could also set a bad precedent as the unit holders would end up paying for the unnecessary risks taken by the fund manager. Three petitioners holding nearly Rs.6.55 crore worth of investments in the beleaguered Templeton funds had petitioned the Gujarat High Court to stay the shareholder vote process. Accordingly, the Gujarat High Court accepted the argument of the petitioners that liquidation of a fund or a set of funds legally required prior consent of unit holders as well as redemption of units. Templeton had summarily frozen the funds and was trying to force the unit holders to accept the depleted value of the funds as full and final settlement.