New Berrigan Book With Episcopal Roots Cascade Books Submit an Event Listing Rector Albany, NY Rector/Priest in Charge (PT) Lisbon, ME Anglicans in Spain welcome pilgrims on the Camino de Santiago Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Featured Events Family Ministry Coordinator Baton Rouge, LA In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Featured Jobs & Calls Associate Rector Columbus, GA Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Canon for Family Ministry Jackson, MS Rector Bath, NC Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Rector Collierville, TN Rector Hopkinsville, KY The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Associate Priest for Pastoral Care New York, NY Course Director Jerusalem, Israel Assistant/Associate Rector Morristown, NJ An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Priest-in-Charge Lebanon, OH Associate Rector for Family Ministries Anchorage, AK This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Submit a Job Listing Curate Diocese of Nebraska Rector Tampa, FL Rector (FT or PT) Indian River, MI Anglican Communion Rector and Chaplain Eugene, OR Bishop Diocesan Springfield, IL Rector Belleville, IL Cathedral Dean Boise, ID By Gavin DrakePosted Nov 28, 2016 Priest Associate or Director of Adult Ministries Greenville, SC Youth Minister Lorton, VA Assistant/Associate Priest Scottsdale, AZ Assistant/Associate Rector Washington, DC Tags Rector Washington, DC Submit a Press Release Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Director of Music Morristown, NJ TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Director of Administration & Finance Atlanta, GA Rector Pittsburgh, PA Press Release Service AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Missioner for Disaster Resilience Sacramento, CA Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 [Anglican Communion News Service] The Iglesia Española Reformada Episcopal (the Reformed Episcopal Church of Spain) has stepped up its welcome to pilgrims undertaking the Camino de Santiago by dedicating its cathedral in Madrid as a welcome center. Bishop Carlos López-Lozano consecrated a symbolic tile adjacent to the cathedral’s door on Nov. 26 as a sign of welcome for pilgrims. The move is seen as a step on the Church’s own journey to build an Anglican center in Santiago.Full article. Rector Martinsville, VA Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Rector Smithfield, NC Rector Shreveport, LA The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Rector Knoxville, TN Curate (Associate & Priest-in-Charge) Traverse City, MI
The Corner / Bower Architecture 2014 CopyHouses•Melbourne, Australia ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/606766/the-corner-bower-architecture Clipboard Projects The Corner / Bower ArchitectureSave this projectSaveThe Corner / Bower Architecture Architects: Bower Architecture Area Area of this architecture project “COPY” ArchDaily Macasar Building photographs: Shannon McGrathPhotographs: Shannon McGrath “COPY” 2014 Year: Meyer Consulting Justine Carlile Landscape Design Photographs Building Surveyor:Nepean Building PermitsArchitect In Charge:Jade VidalDesign Team:Jade Vidal, Chema Bould, Anna Dutton, Ben Shields, Rose HeeleyCity:MelbourneCountry:AustraliaMore SpecsLess SpecsSave this picture!© Shannon McGrathRecommended ProductsDoorsRabel Aluminium SystemsMinimal Sliding Door – Rabel 62 Slim Super ThermalEnclosures / Double Skin FacadesFranken-SchotterFacade System – LINEAWindowspanoramah!®ah!38 – FlexibilityDoorsdormakabaEntrance Doors – Revolving Door 4000 SeriesText description provided by the architects. An integral part of our philosophy is that the best design solutions come out of the most difficult spatial problems. The brief for the Corner House presented us with the requirement for a relatively large house and interior spaces on a medium sized site. The challenge was how to satisfy this brief with a contemporary sustainable house that connected to a quality outdoor space and resulted in an exciting external expression that was sensitive to its surroundings.Save this picture!© Shannon McGrathRather than the traditional inclusion of front and rear gardens, the design concept sacrificed a rear garden in order to create a single, bigger front garden. The result of siting the new dwelling towards the southern rear end of the site to maximise the setback from the main frontage results in a house which is both exciting and restrained in its street presence, satisfying its brief and good sustainable design principles.Save this picture!© Shannon McGrathExternal curves and screens soften the patterned sculptural façade, which floats above its concrete base. The variety of interior living spaces are filled abundant natural light, cross ventilation and warm materials, resulting in a comfortable and open low energy home all year round.Save this picture!Ground Floor PlanThe Corner can be reduced into two simple ideas; a house with one high amenity garden and a broken down building mass. Once this was clarified during the design process many future design decisions could be made in regards to these two interlocking ideas – how building mass was broken down and softened, where the living spaces and bedrooms would be, how the entry would work and so on, the expression of the house to the street and passer-by and so on.Save this picture!© Shannon McGrathWe understand that the scale and proportion of a building is an essential priority in Architecture and aim to carefully balance these to achieve memorable outcomes. The Corner is sited, shaped and orientated to allow its owners to enjoy a liveable and welcoming house which interacts with landscape and streetscape.Save this picture!© Shannon McGrathProject gallerySee allShow lessThe Skewed House / LIJO.RENY.architectsSelected ProjectsMei and Felixx Propose Housing for Postwar Residential Area in MunichAwarded Competition Share Houses Australia Landscape: Structural Engineer: Builder: Save this picture!© Shannon McGrath+ 10 Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/606766/the-corner-bower-architecture Clipboard Year: Area: 460 m² Area: 460 m² Year Completion year of this architecture project CopyAbout this officeBower ArchitectureOfficeFollowProductsWoodSteelBrick#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesMelbourneHousesAustraliaPublished on March 10, 2015Cite: “The Corner / Bower Architecture” 10 Mar 2015. ArchDaily. Accessed 11 Jun 2021.
2015 Photographs Houses “COPY” Builder: Photographs: Stephen Nicholls Architects: Mountford Architects Area Area of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/879400/sussex-street-house-mountford-architects Clipboard Energy Consultant: A.T. Brine & Sons Pty Ltd Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/879400/sussex-street-house-mountford-architects Clipboard Sussex Street House / Mountford ArchitectsSave this projectSaveSussex Street House / Mountford Architects Australia ArchDaily CopyHouses•Maylands, Australia “COPY” CopyAbout this officeMountford ArchitectsOfficeFollowProductWood#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesMaylandsAustraliaPublished on September 11, 2017Cite: “Sussex Street House / Mountford Architects” 11 Sep 2017. ArchDaily. Accessed 11 Jun 2021.
For the second time, Common Pleas Court Judge Leon Tucker ordered the Commonwealth of Pennsylvania on June 22 to release its files pertaining to any role played by former District Attorney Ronald Castille in the case of political prisoner Mumia Abu-Jamal.As Tucker decreed in the court’s initial order on April 28: “[T]he discovery production shall include any and all documents or records in the possession or control of the Philadelphia District Attorney’s Office” that show Castille’s “personal involvement in the case.” It said records should include but not be limited to memoranda regarding this case during pretrial, trial, post-trial and direct appeal proceedings.The order also covered any notes or memoranda on meetings between Castille and his staff regarding the case, as well as press releases or other public statements by Castille about the case.During his tenure as DA, Castille ran for election to the Pennsylvania Supreme Court. His campaign rhetoric made repeated references to his role in bringing about dozens of death row convictions, as well as his strong support for the Fraternal Order of Police. The FOP, notorious for urging Abu-Jamal’s execution, was a major Castille campaign donor.Castille had been assistant DA at the time of Abu-Jamal’s 1982 trial, and was Philadelphia DA when his office opposed Abu-Jamal’s direct appeals in 1988. Abu-Jamal’s current discovery petition concerns the fact that Castille, then a justice on the Pennsylvania Supreme Court, refused to recuse himself when the case came before his bench.In June 2016, the U.S. Supreme Court made a landmark decision in Williams v. Pennsylvania that judges must remove themselves from any case they had a hand in prosecuting. Castille was the DA and later state Supreme Court judge in the Williams case. Currently, 14 Pennsylvania prisoners, including Abu-Jamal, are fighting for appeals on similar grounds.In response to Tucker’s initial order, the DA’s office released a meager 50 pages of public record, continuing their outrageous cover-up. Tucker’s latest order gives the DA until July 7 to comply or face sanctions.All out for July 7 Philly protestSupporters of Abu-Jamal will rally outside the Philly DA’s office at noon on July 7 demanding it give up the files. Demonstrators will have blown-up, poster-size copies of Tucker’s order so that passersby can see the DA cover-up for themselves. They are also urging people to continue a phone-in campaign to first assistant DA Kathleen Martin, at 215.686.8000, with the message: “I’m calling regarding Judge Tucker’s ruling about discovery in Mumia Abu-Jamal’s appellate cases. The DA’s office needs to release all his files immediately.”The Philadelphia DA’s office has a history of cover-up and corruption. It has also served as an important launchpad for political careers, including those of Castille and former DA Ed Rendell, who subsequently became mayor of Philadelphia, governor of Pennsylvania and head of the Democratic Party’s National Committee. Former DA Lynne Abraham, known as the “death penalty queen of the world,” was responsible for issuing warrants that police used to launch their deadly attack on the MOVE organization in Philadelphia in 1985.The most recent scandal to rock the foundations of the DA’s office was the high-profile trial of current DA Seth Williams on several counts of corruption and fraud. Among the charges he faced was taking money — intended to pay for his aging mother’s nursing home bills — to finance his own lavish lifestyle.In a surprising turn of events, Williams pled guilty to one count on June 29. The judge immediately revoked his bail, sending Williams directly to federal prison to await sentencing in October. With all the evidence against him, Williams likely took the plea deal to seriously reduce the potential 20-year sentence.Elected as DA in November 2009, Williams had adamantly held out for two years against a federal Supreme Court order to release Mumia Abu-Jamal from death row. He finally announced in December 2011 that his office would no longer appeal the ruling or seek the death sentence.The humanitarian thing to do at that time would have been to release an innocent man who had been unjustly jailed and tortured for 30 years. Instead, Williams stood with the widow of the police officer whom Abu-Jamal had been accused of shooting as she publicly called for Abu-Jamal’s death.Evidence increasingly supports Abu-Jamal’s claims that racism, corruption and judicial misconduct at all stages of his trial were the reasons he was convicted. Now, with the chance of a legal victory that could potentially release him, it is more important than ever to be in the streets to demand “Free Mumia now!”FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Senate Ag Committee Chair Pat Roberts of Kansas and Ranking Member Debbie Stabenow of Michigan say the Senate has unanimously passed the bipartisan U.S. Grain Standards Reauthorization Act of 2020. The act regulates marketing standards for grains and oilseeds and extends the inspection authority through September of 2025.“The Senate has approved the Grain Standards Reauthorization Act, which will allow America to continue fostering a healthy domestic grain market and positive relationships with our trading partners,” says Roberts.Stabenow says as farmers face unprecedented uncertainty and trade instability, it’s vital to maintain the integrity of the grain inspection system.“The bipartisan bill protects the interests of American farmers and ensures our credibility as a reliable producer of high-quality crops,” she says.The bill would include customers and applicants for inspection or weighing services in the list of people that must be notified in writing when a state agency intends to temporarily discontinue official inspection or weighing service.The bill still needs approval in the House and will also require that the USDA conduct a thorough review of the agency’s official geographic areas. Previous articleDeadline for Dairy Margin Coverage Signup is Dec. 11Next articleIndiana Still on Pace for Record Corn and Soybean Yields NAFB News Service Senate Unanimously Passes Grain Standards Reauthorization Facebook Twitter SHARE Facebook Twitter SHARE By NAFB News Service – Nov 17, 2020 Home Indiana Agriculture News Senate Unanimously Passes Grain Standards Reauthorization
WhatsApp Twitter Twitter Facebook Facebook By Digital AIM Web Support – February 13, 2021 TAGS Pinterest Cover that red nose! Circus festival adapts to virus rules Pinterest WhatsApp Local NewsWorld News Previous articleSabonis and the Pacers visit conference foe AtlantaNext articleThe Latest: Ash Barty into 4th round at Australian Open Digital AIM Web Support
News UpdatesBombay HC Rejects Sudha Bharadwaj’s Petition Seeking Bail On Medical Grounds [Read Order] Nitish Kashyap28 Aug 2020 1:27 AMShare This – xThe Bombay High Court on Friday dismissed Sudha Bharadwaj’s appeal challenging an order passed by a Special NIA Court rejecting her bail on medical grounds. Court noted that in view of the facilities being provided to her, she is taken care of as far as her health conditions are concerned.Division bench of Justice RD Dhanuka and Justice VG Bisht were hearing the criminal appeal filed by…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Bombay High Court on Friday dismissed Sudha Bharadwaj’s appeal challenging an order passed by a Special NIA Court rejecting her bail on medical grounds. Court noted that in view of the facilities being provided to her, she is taken care of as far as her health conditions are concerned.Division bench of Justice RD Dhanuka and Justice VG Bisht were hearing the criminal appeal filed by the activist and lawyer, who suffers from several comorbidities. Her appeal states that due to her age and pre-existing medical conditions like diabetes, hypertension and a history of pulmonary tuberculosis, Bharadwaj is at a high risk of contracting coronavirus in prison, and that this infection in her present medical condition would be life threatening.Interestingly, a medical report submitted by jail authorities on July 21 states that Bharadwaj suffers from ischemic disease among other ailments, which leads to reduced supply of blood in the body. However, after a bench headed by Justice AA sayed sought a fresh medical report of Bharadwaj from the State on August 17, a report was submitted by NIA on August 21, exactly a month after the first report and there was no mention in the said report of ailments like ischemic disease etc.Bharadwaj’s counsel Ragini Ahuja contended that the two medical reports are contradictory to each other. She submitted that the latest report dated August 21 submitted by NIA is ex-facie false and inconsistent with the report dated July 21. She said that the latest report does not deal with the diseases suffered by Bharadwaj like hypertension, osteoarthritis, ischemic disease and Tinea Corporis (skin fungal infection) as well as diabetes. Thus, the report dated August 21 cannot be considered by this Court while considering the appeal filed by the appellant, Advocate Ahuja argued. Appearing for the NIA, Additional Solicitor General Anil Singh submitted that the appellant was thoroughly examined by the Medical Officer at Mumbai District Women Prison, Byculla, Mumbai and after examining the appellant, the Medical Officer has submitted the said medical report dated August 21 which is self explanatory. “Even in the case of Varavara Rao, who required medical treatment in the private hospital was admitted to Nanavati Hospital and was provided proper treatment”, ASG Singh argued. Whereas, Public Prosecutor Deepak Thakare adopted the submissions made by ASG Singh and submitted that as and when appellant requires any further treatment, medical facilities and hospitalization, as may be advised, State Government would provide such medical treatment. The bench went through the appellant’s latest medical report which states that-“At present the undertrial Prisoner No. 566/20 namely Sudha Bhardwaj’s health condition is stable and satisfactory and for her ailments treatment is available in the hospital. She is provided all necessary medicines as and when required.”Thus, the bench observed-“We are inclined to accept the report dated 21/08/2020 submitted by the Medical Officer, Mumbai District Women Prison, Byculla, Mumbai. In our view, there is no inconsistency in the reports dated 21/08/2020 and 28/08/2020 placed on record.In our view, in view of the facilities being made available in the Mumbai District Women Prison, Byculla and in view of the statement made by learned PP and learned ASG for NIA recorded aforesaid, the Appellant is taken care of in so far as her health conditions are concerned.”Finally, dismissing the appeal, Court said-“In view of the aforesaid observations that there is no inconsistency in the reports, we are not inclined to direct the NIA or the State to file any affidavit to explain the inconsistency in the reports. In our view, no case is made out for grant of bail. Appeal is devoid of merits.”Click Here To Download Order[Read Order] Next Story
Top StoriesFranklin Templeton Case: Decision To Wind Up Was A Camouflage By Trustees Using COVID-19 As An Excuse: Unit Holder Submits Before Supreme Court Srishti Ojha17 Feb 2021 9:52 AMShare This – x“The winding up of Franklin Templeton which was a camouflage by the trustees using Covid as an excuse.””The winding up of Franklin Templeton which was a camouflage by the trustees using Covid as an excuse.”The submission was made before the Supreme Court on Wednesday, on behalf of one of the Unit Holders in Franklin Templeton’s case. A division Bench of Justices Abdul Nazeer and Sanjeev Khanna, today was hearing the plea by Franklin Templeton challenging a Karnataka High Court’s order…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?Login”The winding up of Franklin Templeton which was a camouflage by the trustees using Covid as an excuse.”The submission was made before the Supreme Court on Wednesday, on behalf of one of the Unit Holders in Franklin Templeton’s case. A division Bench of Justices Abdul Nazeer and Sanjeev Khanna, today was hearing the plea by Franklin Templeton challenging a Karnataka High Court’s order which restrained winding up of six of its debt schemes without obtaining the consent of its investors by a simple majority. After deciding on the validity of the e-voting process, the top Court will now hear arguments on various other issues involved in the matter including malfeasance, validity of the regulation, question of vires, etc. During the hearing Senior Advocate Ravindra Shrivastava appearing for one of the unitholders Amruta Garg submitted that he has challenged validity of the regulations. There are serious questions regarding the winding up of Franklin Templeton which was a camouflage by the trustees using Covid as an excuse. This is an unprecedented situation for the Court to interpret SEBI and the Mutual Fund regulations. This is the first instance of winding up of a Mutual Fund house, and despite all problems of Covid19, none of the other Mutual Fund houses took the drastic measure of winding up. Talking about the history of mutual funds in India, Senior Counsel submitted that in 1963 the Mutual funds entered Indian Market for the first time at the Government of India and RBI’s initiative. The Indian Government through a resolution established SEBI in 1988 to promote and orderly growth of securities market for investors protection. The SEBI Mutual Fund Regulations were framed in 1996 by SEBI and under the framework all aspects of Mutual Funds schemes are regulated, the prime and fundamental object being protection of the investors. He added that, an Investment Management Agreement executed between Trustee and Franklin Templeton Asset management India to act as Investment Manager to the schemes of Franklin Templeton Mutual Funds. In May 2016 SEBI issued circular regarding restriction in mutual funds, and laid down that philosophy, restriction or redemption would apply during excess redemption request that could apply in overall market crisis situation rather than exceptional circumstances of entity-specific situations. Mr. Shrivastava stated that in 2017, SEBI issued circular classifying mutual funds schemes into 5 heads including Equity scheme, Debt scheme, Hybrid Scheme, Solution-oriented scheme and other schemes. The unit holder had invested 5,00,000 in FISTIP in 2018, and the IL&FS scan broke out in the capital market. SEBI issued master circular 3 for effective regulation of mutual fund industry & which is compilation of all circulars applicable to Mutual funds. In March 2020 Covid19 pandemic was declared. Franklin Templeton requested SEBI for enhancement of Borrowing limit given in MFR from 20% to 30% for Franklin India Opportunities Fund, and SEBI acceded to its request. Franklin Templeton India’s President sent a mail to SEBI on subject of Liquidity Management suggestions in wake of Covid and suggested measures to assuage investor fears and improve liquidity of mutual funds. A proposal was sent by Franklin Templeton to SEBI to wind up certain fixed income schemes under the Franklin Templeton Mutual Fund in wake of the economic scenario, and SEBI’s views were asked while making out a case for winding up of 6 mutual funds schemes. SEBI conveyed that their request for enhancement of borrowing limit has been acceded subject to condition that increased limit will only be utilised for redemption of units. The Trustee(respondent) abruptly issued notice under Regulation 39(2)(a) of Mutual Fund Regulations. In April 2020 RBI announced 50,000 crore Special Liquidity Facility for Mutual Fund in view of volatility in capital markets. SEBI issued a press release in May 2020 stating that in the current scenario FT should focus on returning money of investors as soon as possible. FT Mutual Fund then requested SEBI for grant of extension in time for enhanced borrowing limit. Circular was issued by SEBI for all mutual funds for listing of MF schemes that are in process of winding up, that they shall be listed on recognised stock exchange subject to compliance listing formalities. Srivastava added that SEBI didn’t respond to Franklin Templeton’s question on winding up. Winding up should not be the first recourse but the last resort. It has huge after effect. Even the High Court had come down heavily on SEBI and made remarks on how the thing was dealth with in a wrong way. Regarding the issue of vires, Senior Counsel stated that under Regulation 39(2)(a) the sole power is given to trustee, and is absolutely riddled and unparalleled power with no checks and balances or protection. This amounts to excessive deliberation of powers to Trustee and is arbitrary under Article 14. With regards to the issue of validity of the Regulations, he stated that the SEBI Act provides power to SEBI to issue directions in interest of Investors. If winding up is necessitated in any case, SEBI has power to issue final directions under Section 11(b). Even though Trustees can initiate the winding up the final call has to be taken by SEBI. “There has to be a robust mechanism to benefit the investors. Salaried people, middle class people invest their hard earned money in these mutual funds with hope of earning money. Mutual fund is a collective investment scheme according to provisions of the act. According to the Act, if after the inquiry it is found to be in interest of the investor or the securities market, it may issue directions to any person, which may include Trustees, as may be in the investor’s interest” Shrivastava stated that when there is a fundamental premise of winding up as big as this one, some authority, which in the present case is SEBI itself, should cause an inquiry to see if what Franklin was saying, and the grounds of Covid19 taken by it was correct or not. “A direction can be made before an inquiry is done or made to be done” the Bench said “I agree. That’s the safeguard. SEBI as a regulator is supposed to look into it if the decision is in interest of investors or not.”- Shrivastava responded. Senior Advocate Shrivastava then cited Section 30 of the Act that provides SEBI Board the power to frame regulations. He stated that sub regulation 12 states that the Trustee shall be accountable for and be custodian of respective schemes. So mutual funds are in nature of a trust and under the trustees. Its not strictly a contract, but relationship is entirely fiduciary. According to Regulation 39, a close ended scheme be wound up only of expiry of the duration of the scheme. “When 3/4th of unit holders have made a requisition, why is the consent required? ” the Bench remarked. “Thats how the regulations have been framed” – Shrivastava answered. “You are saying that in case of close ended scheme we cannot redeem it without closure of the scheme” Bench stated. “Yes you cannot ” – Shrivastava answered. Senior Counsel stated that the top Courts judgement could set a precent for the future. There are so many Mutual fund houses, if all the trustees start taking decisions like these and decide to wind up, the investors would be helpless. “It was a premeditated decision of the Trustees of winding up, for their own reasons” Shrivastava stated. Further, he added that in its counter affidavit SEBI stated that the Trustees decision for winding up was final and it could not do anything. However, that cannot be the case. SEBI must get in as a regulator, otherwise there is no other authority to protect the investors. It is stated in the Regulation that on completion of the winding up the Trustees are supposed to inform the Board and the unit holder. But there is no point in doing that. There is no provision for appeal under the SEBI Act, so the investors would have no recourse as even Article 226 has limited authority. Shrivastava then brought to Court’s attention that the High Court had said that SEBI did not act prudently and diligently in the present matter. Every event cannot justify winding up. The next submission made by Senior advocate Shrivastava was regarding the decision of winding up and the winding up notice. He stated that in the master circular, the fundamental attributes include the type of scheme, investment objective, investment pattern and term of issue and Redemption is included. Even if Franklin Templeton’s case that due to Covid19 demands for redemption was being made is accepted then the option for them would have been to go for suspension. Are you saying that Covid19 would be covered under suspension? Bench asked He added that even if something is not covered, does not mean SEBI can not direct suspension.This is not an embargo on powers of SEBI. SEBI should’ve seen if the situation was due to COVID. It is completely wrong to say that there was increased demand of redemption due to Covid. “According to Franklin Templeton, from March 2020 abnormal level of redemption demands were being seen. The suspension that was thought viable on 14th April was found not viable on 20th April due to the Regulation. It is Franklin Templeton’s own submission that their other schemes are not impacted by Covid. COVID is not selective in its treatment. Their other mutual fund schemes are not impacted by it.”- Shrivastava remarked On 23rd April the final notice was issued stating due to Covid-19, the schemes had to be wound up. According to Shrivastava, the declaration of winding up without approval of SEBI and invocation of Regulation 40 to wind up was a colourable exercise of power. Advocate Puneet Jain appearing for another unit holder submitted that the 6 mutual fund schemes involving are all open ended schemes. In such schemes, there is a right to buy and a right to sell on declared NAV. On NAV basis when a unit is issued its representation would be equal for all other schemes. NAV is calculated on sum total of securities assigned by Mutual Fund House divided by number of units. Elaborating on the difference between equity mutual funds debt mutual funds, Jain stated that in equity funds the value of securities is market determined, but in a debt market, the mutual fund industry is required to give security and not give loans, because if you give loans you become a bank and mutual funds are not banks. “What Franklin Templeton started doing was granting loans and getting securities issued in their names”- Jain stated. “To issue debentures also a company has to follow certain guidelines and follow SEBI guidelines.” the Bench observed Jain further stated that Franklin Templeton did run all these schemes as a Credit risk fund without looking at their investment objective, even though the idea of those schemes was that when money is put in those schemes, responsibility is on the mutual fund House to ensure that there is liquidity. Supreme Court had on 12th February negated all objections and upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton. The Court has directed the disbursement of funds to be done in terms of its previous orders. The Court also observed that the consent of unit holders means the consent of majority of unit holders and not just those party to the scheme. The matter will be taken up on 17th February 2022 for hearing arguments on other issues. According to the top Court’s direction, the amount of 9122 crores that is cash ready with Franklin Templeton as on 15th January 2021 be distributed amongst the unit holders under the six mutual fund schemes. The Court had asked the Franklin Templeton Trust services and the asset management company to cooperate with SBI Mutual Funds in this regard and furnish to them entire data and details. It has further directed the process to preferably be completed in period of 20 days from date of this order and has given liberty to the parties to can move an application and approach the Court in case of any difficulty in the process. In December 2020, the Supreme Court had allowed Franklin Templeton Trustees to call for a meeting of unit holders to seek their consent/approval. The top court had hauled up SEBI adding that it had a lot to answer for and why did it not intervene when unit holders started seeking redemption, much like how RBI intervened in cases of banks, to protect depositors. Franklin Templeton had in April announced its decision to wind up six debt funds citing low liquidity. Nearly three lakh investors are estimated to be affected by this decision. It was after this decision that some investors moved various High Courts. Petitions across High courts were clubbed by the Supreme Court vide an order dated June 24 in the transfer petition filed by Franklin Templeton seeking consolidation of various petitions filed with respect to the winding up of debt fundsClick here to download the orderNext Story
Back to overview,Home naval-today Photo: Italian FREMM frigate Carlo Margottini on maiden Suez Canal transit View post tag: FREMM Authorities February 28, 2018 Photo: Italian FREMM frigate Carlo Margottini on maiden Suez Canal transit Share this article ITS Carlo Margottini transits the Suez Canal. Photo: Italian NavyThe Italian Navy’s FREMM frigate ITS Carlo Margottini, in service since February 2014, recently achieved another first en route to her Indian Ocean and Arabian Sea deployment.Having sailed from her homeport in La Spezia on February 20, ITS Carlo Margottini transited the Suez Canal for the the first time on February 26, 2018.Before transiting the Suez Canal, the frigate stopped in the Greek port of Souda for a brief port visit.Carlo Margottini’s first destination in the Persian Gulf will be the Dimdex exhibition in Doha where the FREMM frigate will be showcasing Italian defense industry capabilities.After concluding regional engagements in the Indian Ocean, the frigate is scheduled to join the EU NAVFOR-led counter-piracy operation Atalanta off the coast of Somalia and in the Gulf of Aden.ITS Carlo Margottini is scheduled to head home in August this year. View post tag: Op Atalanta View post tag: Italian Navy View post tag: ITS Carlo Margottini