A Landmark Ruling

The Bombay High Court has granted permission to Vivek Kudva, former Asia Pacific distribution head of Franklin Templeton Mutual Fund, to travel abroad from March 18, 2024, to October 31, 2024. This significant decision comes amidst an ongoing investigation by the Enforcement Directorate (ED) into alleged irregularities in withdrawals from six debt schemes of Franklin Templeton Mutual Fund.

Specific Conditions

Kudva’s plea, presented through an interim application, sought approval for visits to various countries, including the United Kingdom, Singapore, Malaysia, Australia, Portugal, and the United States of America. However, the court’s approval comes with specific conditions to ensure compliance and accountability.

Legal Proceedings

During the hearing, the bench, led by justice Revati Mohite Dere and justice Manjusha Deshpande, was informed that an Enforcement Case Information Report (ECIR) was filed against Kudva on September 23, 2020. Despite this, no formal complaint has been lodged by the ED in the case thus far.

Cooperation and Compliance

Kudva, who retired from Franklin Templeton Mutual Fund in August 2022 after a 16-year tenure, has been actively cooperating with the investigation. He has consistently attended the ED’s office as required, demonstrating his commitment to the legal proceedings.

Court’s Recognition

Notably, the court acknowledged that Kudva had previously been granted permission to travel overseas on two occasions and had diligently adhered to the terms and conditions set forth by the court. Considering his track record of compliance, the court approved Kudva’s interim application, albeit with specific conditions to ensure the integrity of the investigation.

 Upholding Justice with Accountability

The Bombay High Court’s decision to allow Vivek Kudva to travel abroad amidst the ED probe underscores the importance of upholding justice while ensuring accountability. By imposing specific conditions, the court aims to maintain transparency and adherence to legal protocols throughout the investigative process.