Money Matters Financial Services on Saturday said that it has terminated the joint venture (JV) with the private equity firm Milestone Capital.
In November 2010, Money Matters Financial Services was accused by Central Bureau of Investigation (CBI) of bribing senior officials of public sector financial institutions to arrange corporate loans.
The board of directors of the company at its meeting held on Saturday has terminated the joint venture with Milestone Capital Advisors and has winded-up the special opportunity fund, Money Matters Financial Services, said in a filing to the Bombay Stock Exchange.
The board of directors have also cancelled the capital commitment as a sponsor to Money Matters Venture Capital Fund, the filing added.
In other news, the company has also appointed Dinesh Chandra Babel as the additional director of independent which took effect from on Saturday.
In February 2010, Money Matters Financial Services had entered into a JV with Milestone Capital to form Capstone Capital, a Rs 400 crore (US$87 million) Special Opportunities Fund-I, for a tenure of five years.
Source: Trading Markets