The Supreme Court of India on Monday said that the Securities Appellate Tribunal's (SAT) order of deposit of Rs 250 crore by Franklin Templeton Asset Management (India) was 'fair'.
The apex court said it was not inclined to interfere with the SAT's direction to Franklin Templeton to deposit Rs 250 crore as against the Securities and Exchange Board of India's (Sebi) demand of Rs 512 crore.
The Supreme Court also recorded the undertaking by Franklin Templeton Asset Management (India) that it would not launch any new debt scheme till the conclusion of the case before SAT.
Earlier, Sebi had directed Franklin Templeton for a refund of investment and advisory fees amounting to Rs 512 crore.
The SAT on June 28 stayed the SEBI's order restraining Franklin Templeton from launching a new debt scheme and directed for a deposit of Rs 250 crore in an escrow account.
Sebi had then moved the Supreme Court against the June 28 order of SAT which stayed its decision to bar Franklin Templeton Asset Management (India) from launching new debt schemes for two years and had asked the fund house to refund a little over Rs 512 crore.
(This is a developing story. Check back for updates.)
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