The Jardine Fleming India Fund said on Tuesday that directors have decided again presenting shareholders with a proposal to liquidate the fund.
An announcement said that the board is committed to reconsidering the possibility of proposing liquidation once the fund's ability to rely on its status as a tax resident of Mauritius under the India-Mauritius tax treaty is clarified.
The fund also said the annual general meeting previously scheduled for May 8 has been postponed until June 3. At the meeting, shareholders will be asked to elect directors and to approve an investment advisory contract with a proposed new investment advisers.
The fund did not identify the proposed
JF International Management Inc., which has been managing the fund, previously announced that it would terminate its contract effective May 8. At the request of the Fund, JF international Management has agreed to delay the termination until June 3.
JF International Management is a unit of J.P. Morgan Chase & Co. Inc.
The Jardine Fleming India Fund is a closed-end investment company that invests in stocks of Indian companies. The fund has about $50 million in assets. Shares of the fund closed up 10 cents at $7.35 on the New York Stock Exchange on Tuesday.
