India: PE firm ICICI Venture settles cases against funds it manages

Photo: Mint

By Swaraj Singh Dhanjal

December 2, 2019

ICICI Venture Funds Management Co. Ltd, the alternatives asset management business of private sector lender ICICI Bank Ltd, has settled various cases against a bunch of private equity funds managed by it, for a sum of ₹5.22 crore.

These cases were filed by various individuals against ICICI Venture managed funds India Advantage Fund III, India Advantage Fund IV, Dynamic India Fund III and Dynamic India Fund IV.

These individuals, who invested in the funds, alleged that the firm made factual misrepresentation to investors, registration status and that the funds were not managed in accordance with the terms and conditions specified in the private placement memorandum among other allegations.

“Based on allegations by certain individual investors in a family of funds established in 2005-06 and managed or advised by ICICI Venture, the said allegations were contested by the parties and investigated by Sebi,” said ICICI Venture in a statement.

“As per SEBI’s Settlement process, allegations are neither accepted nor rejected by an applicant and the proceedings initiated, gets disposed off. This brings the matter to rest,” the statement said.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW