Effect of refusal to grant certificate.

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..... t 1 [or a body corporate] referred to in sub-regulation (2) of regulation 3, whose application for grant of certificate has been rejected under regulation 9 by the Board shall, on and from the date of the receipt of the communication under sub-regulation (2) of regulation 9, cease to carry on any activity as a venture capital fund. (3) The Board may in the interest of the investors issue direction .....

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