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  Venture Capital - Form 56A

Application for approval of venture capital fund or a venture capital company:-

  • Name and address of a venture capital fund or venture capital company.

  • Date and place of incorporation or formation enclose the copy of the trust deed or the copy of incorporation of the Companies Act, 1956.

  • Objects of the venture capital fund or venture capital company

  • Main objects

  • Ancillary objects.

  • Capital structure or share holding pattern.

  • Present nature of business activity and number of years in that business.

  • Accounting policy along with description of significance accounting policies.

  • Systems and procedures (Furnish description of systems and procedures and essential internal control procedures in order to carry on the business.)

  • Names of the associates / organizations / group companies / subsidiaries.

  • Details of management

  • Names of the managers, directors with their experience, qualifications and profession.

  • Names of the key personnel.

  • Organizational structure.

  • Board of Director of associate organizations, companies and their subsidiaries.

  • Names and addresses of the bankers.

  • Names and addresses of the auditors.

  • Court cases and litigation involved in the last three years.

  • Names of the venture capital undertaking in which investment have being made or proposed to be made.

Signature and Designation of the Applicant

Verification

I __________ do your hereby declare that what is stated above is true to the best of my knowledge and belief. Verify today that the _________ day of ______ 19________.

Place

Date Signature and Designation of the applicant.

Note: The application form in duplicate should be sent to the Director of Income Tax (Exemption) having jurisdiction over the venture capital fund or venture capital company along with the following documents:-

  • A copy of the trust deed under which venture capital fund or the copy the certificate of incorporation issued under the Companies Act, 1956.

  • Copy of the certificate of registration issued by SEBI.

  • Copies of balance sheet and profit and loss account for the previous three years.

  • Form no 56B duly filled in and signed by the applicant.

  • Form no 56C duly filled in and signed by the applicant.

Action points:

  • Notes below the form should be carefully read and followed.

  • The conditions for approval of the fund are given in rule 2D5.

  • Every application under rule 2 may be made in any previous year in which income by way of dividend or long term capital gain of a venture capital fund or a venture capital company from investments made by way of equity shares in venture capital undertaking shall not be included in computing the total income of such venture capital fund or venture capital company.