Omitted

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....f repeated defaults of the nature specified in regulation 30; or Explanation: In this regulation, "fraud" has the same meaning as is assigned to it in section 17 of the Indian Contract Act, 1872. (9 of 1872) (c) contravenes any of the provisions of the Act or these regulations. 32. Manner of making order of cancellation or suspension.─No order of suspension or cancellation of certificate shall be made by the Board, except after holding an enquiry in accordance with the procedure specified in regulation 33. 33. Manner of holding enquiry before suspension or cancellation.─(1) For the purpose of holding an enquiry under regulation 32, the Board may appoint one or more enquiry officers. (2) The enquiry officer shall issue to ....

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....t to the Board and recommend the penal action, if any, to be taken against the venture capital fund as also the grounds on which the proposed action is justified. 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 a[or such appropriate action] should not be taken against it. (2) The venture capital fund shall, within fourteen days of the date of the receipt of the show-cause 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 dee....