Urban Infrastructure Venture Capital Limited

SAT-appeal

• Failure to wind up the close-ended venture capital fund within its permitted tenure and provide exit to investors, allegedly violating Regulation 23(1)(a) and the SEBI circular dated 18 December 2014.
  Appeals challenged the WTM directions requiring winding up of the Fund and investor exit, plus one-year market-access and intermediary-association restraints. · Interim stay dated 23 January 2023 stayed the debarment directions in paragraphs 37.3 and 37.4.
  Appeal: Appeal Nos. 93 to 99 of 2023 were heard on 8 November 2023 and decided on 22 November 2023; the excerpt does not state the final disposal outcome.
• Failure to wind up a close-ended venture capital fund within its permitted tenure and provide investors an orderly exit, allegedly violating Regulation 23(1)(a), Regulation 29 and SEBI circular dated 18 December 2014.
  Seven appeals were heard against the WTM order dated 31 October 2022. · Fund winding-up and investor-exit directions had been complied with; appeal remained confined to debarment and association restrictions.
  Appeal: Appeal Nos. 93 to 99 of 2023; hearing on 8 November 2023 and decision dated 22 November 2023. The extracted text does not include the final operative disposal directions.
• Failure to wind up close-ended VCF scheme Urban Infrastructure Opportunities Fund after tenure expiry, extending tenure and delaying exit to investors in violation of VCF Regulations.
  Wind up Scheme by providing exit to investors within 3 months via two independent valuations and NAV at higher value · Offer in-specie distribution first, then cash exit on NAV basis
• Failure to wind up close-ended Urban Infrastructure Opportunities Fund after tenure expiry and extending tenure in alleged violation of Regulation 23(1)(a) VCF Regulations.
  Wind up Scheme by providing exit to investors within 3 months via two independent valuations and NAV as higher of two · Offer in-specie distribution first, then cash exit on NAV basis
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98, 99 of 2023 with Misc. Appl. Nos. 132, 156, 594, 609, 600 of 2023 heard on 08.11.2023, decided on 22.11.2023; interim order dated 23.01.2023 stayed debarment directions.
• Failure to wind up close-ended Urban Infrastructure Opportunities Fund on tenure expiry and unauthorized extension in violation of Regulation 23(1)(a) VCF Regulations and SEBI circular dated 18 December 2014.
  Wind up Fund scheme with exit to investors within 3 months via two independent valuations as on 31 Oct 2022 and higher NAV · Offer in-specie distribution of investee interests first, cash NAV exit to others who opt out
  Appeal: Appeal Nos. 93,94,95,96,97,98,99 of 2023 with Misc. Appl. 132,156,594,609,600 of 2023 against WTM order 31 Oct 2022; interim stay 23 Jan 2023; heard 08.11.2023, decided 22.11.2023
• Failure to wind up Urban Infrastructure Opportunities Fund scheme after tenure expiry, violating Reg 23(1)(a) VCF Regulations and 2014 circular.
  WTM: wind up scheme with exit to investors within 3 months via two independent valuations and higher NAV · WTM: offer first in-specie distribution of investee interests, then cash exit at NAV
  Appeal: Appeal Nos. 93,94,95,96,97,98,99 of 2023 with Misc. Applications 132,156,594,609,600 of 2023 against WTM common order dated 31 Oct 2022; interim stay 23 Jan 2023; decision 22 Nov 2023
• Failure to wind up close-ended Urban Infrastructure Opportunities Fund after tenure expiry, violating Regulation 23(1)(a) VCF Regulations.
  Wind up Fund scheme with exit to investors within 3 months via two independent valuations and higher NAV · Provide exit first by in-specie distribution, balance on NAV basis as on 31 Oct 2022