Thread by @GSLChambers

Karnataka High Court is hearing a writ petition challenging the validity of #SEBI (Mutual Funds) Regulation, 1996

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The matter is being heard by a division bench comprising of the Hon’ble Chief Justice and Hon’ble Justice Ashok S. Kinagi.

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These matters were transferred from all over the country to Karnataka by order of the Hon'ble Supreme Court.

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Sr. Adv. Ravindra Shrivastava: Respondent No. 6 is a trustee company created by Respondent No. 7. The Respondent No. 5 is the Asset Management Company.

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Sr. Adv. Ravindra Shrivastava: A short term open ended scheme was launched in 2002. The Petitioner made an investment in the scheme in 2012.

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An Investigation ordered by SFIo is going on against IL&FS which created a disruption in the Market.

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A proposal for winding up was given to #SEBI by the Respondents on 20.04.2020 and without waiting for the response of #SEBI a notice was issued by the Respondent on 23.04.2020 about the initiation of winding up process.

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On 28.05.2020 the Trustee Respondent issued another notice for e-voting on winding up of the schemes.

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The right of redemption of the investors was frozen after such notice was issued.

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The respondents informed that the period of winding up would take 1-5 years.

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Sr. Adv. Ravindra Shrivastava: The Private Respondents carry out a public function and hence they are amenable to the writ jurisdiction of this Hon'ble Court.

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