Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
SEBI has prescribed the conditions for AIFs and erstwhile VCFs to retain liquidation proceeds beyond permissible fund life, where there is demonstrated litigation, tax, regulatory or other legal notice, investor consent for anticipated liabilities, or substantiated residual winding-up expenses. Retained monies must be invested only as permitted under the AIF Regulations, and schemes must be wound up once liabilities are met and the balance distributed. An AIF may seek 'Inoperative Fund' status where it has retained monies or, even without retained monies, wishes to keep registration pending a favourable litigation outcome; once tagged, it cannot launch new schemes or charge management fees, and must file annual retention status reports until liabilities are resolved.
SEBI has prescribed the conditions for AIFs and erstwhile VCFs to retain liquidation proceeds beyond permissible fund life, where there is demonstrated litigation, tax, regulatory or other legal notice, investor consent for anticipated liabilities, or substantiated residual winding-up expenses. Retained monies must be invested only as permitted under the AIF Regulations, and schemes must be wound up once liabilities are met and the balance distributed. An AIF may seek 'Inoperative Fund' status where it has retained monies or, even without retained monies, wishes to keep registration pending a favourable litigation outcome; once tagged, it cannot launch new schemes or charge management fees, and must file annual retention status reports until liabilities are resolved.
Note: It is a system-generated summary and is for quick reference only.
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