Doe To Set Up Venture Capital Fund For Software Industry

The department of electronics (DoE) has decided to establish a dedicated venture capital fund by seeking some changes in the company law to address the problem of availability of finance to the software industry.

To start with, the department has decided to establish a dedicated venture capital fund with a seed money of Rs 20 crore. The department is working on a plan to recommend suitable changes in the company law after consulting industry associations like National Association of Software and Services Companies. A proposal to this effect is expected to be submitted to the Company Law Board (CLB) in four to six weeks.

 

If CLB accepts DoE's recommendations, it will lead to the recognition of the so-called