Section 34 in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
34. Show-cause notice and order.-
(1)On receipt of the report from the enquiry officer, the Board shall consider the same and may issue to the venture capital fund a show-cause notice as to why the penal action as proposed by the enquiry officer [or such appropriate action] [Inserted by S.O. 831(E), dated 15.9.2000] should not be taken against it.(2)The venture capital fund shall, within fourteen days of the date of the receipt of the showcause notice, send a reply to the Board.(3)The Board, after considering the reply, if any, of the venture capital fund, shall, as soon as possible pass such order as it deems fit.
