Section 23 in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
23. Winding-up.-
(1)A scheme of a venture capital fund set up as a trust shall be wound up,(a)when the period of the scheme, if any, mentioned in the placement memorandum is over;(b)if it is the opinion of the trustees or the trustee company, as the case may be, that the scheme shall be wound up in the interests of investors in the units;(c)if seventy-five per cent of the investors in the scheme pass a resolution at a meeting of unit holders that the scheme be wound up; or(d)if the Board so directs in the interests of investors.(2)A venture capital fund set up as a company shall be wound up in accordance with the provisions of the Companies Act, 1956 (1 of 1956).(2A)[ A venture capital fund set up as a body corporate shall be wound up in accordance with the provisions of the statute under which it is constituted.] [Inserted by S.O. 831(E), dated 15.9.2000](3)[ The trustees or trustee company of the venture capital fund set up as a trust or the Board of Directors in the case of the venture capital fund is set up as a company (including body corporate) shall intimate the Board and investors of the circumstances leading to the winding up of the Fund or Scheme under subregulation (1).] [Substituted by S.O. 831(E), dated 15.9.2000]
