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.