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TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... tions 31 to 38 read as under: 31. Cancellation of certificate.- The Board may cancel the certificate granted to a venture capital fund:- (a) when the venture capital fund is guilty of fraud or has been convicted of an offence involving moral turpitude; (b) the venture capital fund has been guilty of repeated defaults of the nature specified in regulation 30; or Explanation: In this regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is proposed to be taken against it and calling upon it to show cause against such action within a period of fourteen days from the date of receipt of the notice. (3) The venture capital fund may, within fourteen days from the date of receipt of such notice, furnish to the enquiry officer a written reply, together with copies of documentary or other evidence relied on by it or sought by the Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to present its case. (7) The enquiry officer shall, after taking into account all relevant facts and submissions made by the venture capital fund, submit a report to the Board and recommend the penal action, if any, to be taken against the venture capital fund as also the grounds on which the proposed action is justified. 34. Show-cause notice and order.─(1) On receipt of the report from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tificate.─(1) On and from the date of the suspension of the certificate, the venture capital fund shall cease to carry on any activity as a venture capital fund during the period of suspension, and shall be subject to such directions of the Board with regard to any records, documents or securities that may be in its custody or control, relating to its activities as venture capital fund, as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under section 12 of the Act who fails to exercise due diligence in the performance of its functions or fails to comply with its obligations under these regulations. Provided that no such certificate of registration shall be suspended or cancelled unless the procedure specified in the regulations applicable to such intermediary is complied with. 38. Appeal to the Central Government.─An ..... X X X X Extracts X X X X X X X X Extracts X X X X
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