REC to extend loan of Rs 1869 Cr for Kiru Hydro Electric Project (See 'Corp Brief') IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC (See 'Legal Desk') CCO declares grading of coal and lignite mines (See 'Corp Brief') IBC - Corporate Insolvency Resolution Process can be initiated for failure to repay debt due and payable : NCLT (See 'Legal Desk') SARFAESI Act - Writ petition can be disposed of as infructuous as one time settlement has been entered into between parties : HC (See 'Legal Desk') PM addresses Conference on Disaster Resilient Infrastructure (See 'Corp Brief') SARFAESI Act - Award of interest on auction money at rate applicable to fixed deposits is not a correct view and rate of interest deserves to be enhanced: SC (See 'Legal Desk') CCI okays subscription to debentures of Napino Auto by IFC (See 'Corp Brief') Constitution of India - Writ jurisdiction of Court cannot be used by party for collecting evidence and documents against another party, against whom petitioner has pending disputes : HC (See 'Legal Desk') World Energy Congress 2024: Power Secy, Ambassador to Netherlands inaugurate India Pavilion (See 'Corp Brief') PMLA - Considering money trail and involvement of applicant in crime he is not entitled for anticipatory bail : HC (See 'Legal Desk') Competition Act - Informant has neither referred to any particular agreement nor provided any document which suggest existence of anti-competitive agreement : CCI (See 'Legal Desk') CSIR implements new in-house 'Accounts Manager Software' for financial management (See 'Corp Brief') PMLA - Applicant is not entitled for grant of anticipatory bail u/s 45 of PMLA as Court does not find any reasonable ground to believe that applicant is not guilty of crime : HC (See 'Legal Desk') SARFAESI Act - Petition has been filed to overreach recovery proceedings, wherein Petitioners have been found to be liable to pay certain amount so as to circumvent provisions of statutory appeal : HC (See 'Legal Desk') IREDA reports All-Time High Annual Net Profit, NPAs below 1% (See 'Corp Brief') SARFAESI Act - District Magistrate is under statutory obligation to decide application u/s 14 of the SARFAESI Act within thirty days : HC (See 'Legal Desk') IBC - Wilful defaulter proceeding cannot be relatable to recovery of debt but is merely an off-shoot of debt : HC (See 'Legal Desk') Competition Act - Since it is agreement between enterprise and end consumer, same is not covered within ambit of Section 3(4) of Act: CCI (See 'Legal Desk') Govt announces election of 11 members Veterinary Council of India (See 'Corp Brief') Companies Act - Charges of professional misconduct in SCN are proved for which monetary penalty can be imposed : NFRA (See 'Legal Desk') PMLA - Application for anticipatory bail can be rejected as there is failure on part of applicant to appear before trial Court despite service of bailable warrant : HC (See 'Legal Desk') IBC - There is no scope of interference in writ petition since there is no arbitrariness, mala fides or palpably illegality in impugned order : HC (See 'Legal Desk')

Print

Fund of Funds - 31 start-ups receive aid this fiscal

Published: Jun 21, 2019

By TIOLCORPLAWS News Service

NEW DELHI, JUNE 21, 2019: THE Union Minister for Commerce & Industry, Mr Piyush Goyal, today in Parliament threw light on the status of funding for start-ups. He mentioned that direct funding support to startups is not envisaged under Startup India Programme. Government of India has established Fund of Funds for Startups (FFS), to meet the funding needs of startups. The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.

As per the operating guidelines issued by DPIIT, FFS contributes to the corpus of SEBI registered Alternative Investment Funds (AIFs). These AIFs in turn have to invest at least twice the contribution under FFS in startups, as defined by the Government of India. Each AIF sets up its own Investment Committee and the investment Committee of each Fund takes a decision on its investment decisions. The AIFs supported under FFS have supported 249 startups as on June 13, 2019.

The investment committee (IC) of each AIF, comprising of investment experts drawn from different domains takes decisions on investing into particular startup. These decisions are largely a matter of business decisions which depend on a host of factors like uniqueness, innovativeness, intellectual property and business potential.

A formal mechanism has been put in place in the form of Monitoring Committee to review progress of Startup India programme on regular basis. The Monitoring Committee comprises representative from DPIIT, NITI Aayog, Department of Revenue (Ministry of Finance), Ministry of Micro, Small and Medium Enterprises, Department of Science and Technology (Ministry of Science and Technology), Department of Bio-Technology (Ministry of Science and Technology), Ministry of Electronics and Information Technology, Department of Higher Education (Ministry of Human Resources Development) and Small Industries Development Bank of India (SIDBI). The Monitoring Committee continuously reviews progress & implementation of various measures for growth of startup ecosystem.

Financial Year

No. of Startups given financial assistance under FFS

FY – 2016-17

62

FY – 2017-18

58

FY – 2018-19

98

FY – 2019-20 (As on June 13, 2019)

31

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.