The Authorised Person appointed under regulation 41, would be in a position to take the most appropriate action with regard to liquidation of each security as there will be no undue haste or selling pressure.Â. 48%, 46%, 33% and 14% of their respective AUM in cash as on November 27, 2020.Â, They also continue to make progress in reducing borrowings in the other two funds. The NAV may not be negatively impacted as liquidation would be orderly and there would be no need for distress sales to urgently fund redemptions. Key highlights of the Hon’ble Supreme Court’s interim order issued on Dec 3, 2020 & Dec 9, 2020, The securities in the Scheme can be liquidated in an orderly manner without the need to proceed with distress sale (as redemptions are not allowed). This may result in disproportionate distribution of any cash generated to Unitholders depending on the time of redemption. No perpetual stay on interim civil orders because of COVID-19; interim orders to end on next date of hearing: Delhi High Court The Court said that its order dated October 20, 2020, was crystal clear on this aspect and the parties were free to move the courts concerned for extension. From April 24 to November 27, 2020, the schemes under winding up have received over INR 11,576 crores from maturities, pre-payments, and coupons. A bench led by Justice Ashok Bhushan also gave over two more … Since it was filed in September 2017, the case — which eventually became a batch of four petitions — got listed on 15 dates, had two effective hearings and has seen … you want an interim order; and you and the other party agree about what the order should say. The person authorised under regulation 41 would then be able to distribute the cash already available in the schemes and make further payments at regular intervals as the schemes monetize assets and receive cash-flows. 1 2 3 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF -----x Plaintiff, Index No. Once logged in, they need to select the E-Voting Event for the scheme where they have an investment and cast their vote. But within a scheme a Unitholder will be entitled to only one vote irrespective of the number of units held in the folio or the number of folios. Will a  “Yes” vote will delay the return of the money while a “No” will allow return of the cash immediately, Steps that investors need to take to cast their Vote. MUMBAI: In an interim order, the Supreme Court on Wednesday directed that IIT Bombay should permit 18-year-old Siddhant Batra to join and pursue classes for … On the other hand, if the majority vote is “No” the schemes will have to open for redemptions, Investors will have to place redemption requests if the schemes reopen and there is a likelihood of huge rush for redemptionsÂ, This rush of redemptions will require the schemes to sell securities urgently as the cash in the scheme may not be enough to meet the redemption requests, and it will not be possible to predict redemption volumes exactly.  This distress selling is unlikely to be at fair value, which can have a significant negative impact to the NAV of the schemes, leading to losses for Unitholders.Â, The market is unlikely to have the liquidity to absorb such large quantities of securities over a short period of timeÂ, So, while Unitholders will be able to withdraw money immediately, this could potentially be at a significant loss in value.Â, Monetizing close to INR 18000 crore of portfolio assets over a period of time in an orderly manner, will result in better outcomes for investors as compared to the schemes being forced to sell the same securities as a “fire sale” in a short period of time.  Â, The objective of the voting exercise is to seek, by “simple majority”, meaning, the consent of more than half of the unitholders casting their vote, for the decision made by the Trustee to orderly wind up the six fixed income schemes.Â, Consent will be sought from the unitholders for each scheme separately. For any queries related to the USER id and password for voting and the AGM, please feel free to call 18003454001. If you have children, this guide can help you get interim orders before you do your own uncontested divorce. This article has been written by V. Krishna Laasya. The judgment was pronounced by a Bench of Justices UU Lalit and Vineet Saran in an appeal against a decision of the Madras High Court. If the six fixed income schemes under winding up get a majority “Yes” voteÂ, Option 2 will be to Vote “No” against the orderly winding up. "(I)interim orders, which by their terms, are to be superseded by a final order." 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