Thread by @phssyk1

#FranklinTempleton - Investors seem to be divided into 2 camps
1) Vote YES to avoid a fire sale
2) Vote NO because @FTIIndia is a fraudster and has mismanaged funds

The people who are supporting the windup are worried because if funds open then predicting who will get what is impossible.

#FranklinTempleton - and that is True. When funds open we don't know how many investors have online access to redeem, how many will start redeeming, what algorithm does FT have to prioritize redemptions, what system errors will happen due to high traffic.

#FranklinTempleton - For example an investor who has 5 crores can get all the money if he redeems first while there could be 10 investors whose total investment is less than 2 crores. And their share of money could go to the 1 big investor.

#FranklinTempleton - Therefore an orderly wind-up where distributions are made equally and orderly is the best case scenario

#FranklinTempleton - Now there is another group, who thinks that we need to vote NO to punish @FTIIndia because @FTIIndia violated multiple norms

#FranklinTempleton - They are accusing @FTIIndia of 1) insider trading 2) @Sanjay_69 's son getting a job at JM in return for purchasing bond 3) illegal winding up without asking consent 4) multiple other things

#FranklinTempleton - all that is fine, but the thing to note here is, that if you want to punish @FTIIndia then support the litigations, go to court and make noise. Voting NO is not the answer, and here is why

#FranklinTempleton - Voting NO will lead to reopening funds and as I explained, it will open the floodgates and ruin everything

#FranklinTempleton - Some think that even if we vote NO, SC will not allow fire sale. We should note that SC and courts don't interfere much when rules are written clearly. SEBI rule says that vote for NO = Reopen

#FranklinTempleton - Think from an SC perspective. If you ask unitholders to vote and if they vote NO and SC stays redemptions - will that not make SC look stupid?

Wont someone ask SC - you asked for voting, we have voted and now you are going against it?

#FranklinTempleton - So if you are thinking that even if I vote NO, SC will not allow fire sale is just wishful thinking. There is no basis to that. SC has no intentions of going against its own guidance

#FranklinTempleton - We should also note that, Auditors , Litigators are at work and winding up does not erase the trail of transactions that Franklin did. So voting for YES does not absolve Franklin of their responsibilities

#FranklinTempleton - However if in the case no wrongdoing from @FTIIndia comes to the fore and result of voting is a NO. Then no-one, NOT EVEN SC, can save us investors.

#FranklinTempleton - Don't be misguided into equating legality = justice. Remember justice is subjective and what is just for you could be unjust for Franklin or vice versa. Courts will just read the books and tell what is the law

#FranklinTempleton - And the law is that if we vote NO for winding up , funds will re-open. When funds reopen everything is up in the air. @FTIIndia can say that redemptions led to a crash in NAV and mutual funds were subject to market risk!!!

#FranklinTempleton - Our best chance of protecting our money is to vote YES for winding up

#FranklinTempleton - Voting NO for punishing @FTIIndia is not the right way. Courts will punish @FTIIndia only when they find evidence. If you want to punish @FTIIndia please file a case and argue your wisdom in courts.

#FranklinTempleton - I know investors are angry, I am angry too. But this is not the time to retaliate and take revenge. It is time to think what is the best outcome for us all.

#FranklinTempleton investors - Please vote YES for a wind up. Save our principal. 🙏

Investigations will continue irrespective. If @FTIIndia is found guilty they will be asked to make good.

But why expose ourselves to liquidity risk again by voting NO?

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