Process: Any proposal under the Scheme shall pass through two committees and four stages:

a. Screening Committee (Preliminary Stage):
The proposals shall be put up before the Screening Committee for initial analysis to see (examine) whether the proposals are meeting the Eligibility Criteria & Preliminary Appraisal Parameters. After the clearance by the Screening Committee, the proposal shall be taken up for detailed appraisal, negotiations and structuring.

b. Investment Committee (Final Stage)
i. The detailed proposal prepared by the AMC shall be considered by the Investment Committee for sanction in case of eligible proposals.

ii. The proposals appraised by the financing bankers/FIs may also be submitted by them with the appraisals for reference of the AMC.

iii. The quantum of assistance from the VCF-ST shall be decided by this Committee, while also ascertaining that the additional financial requirements for the project shall be tied up through various sources, including contribution of the promoter.

c. Legal Documentation Stage:
After the sanction by the Investment Committee, Letter of Intent (loI) along with the terms and conditions of sanction shall be issued to the investee company. The necessary legal documentation shall be prepared and executed by the AMC.

d. Disbursement Stage:
After the completion of above process, the disbursement shall be made as per the terms and conditions of the sanction. The disbursement to the investee companies would be done in one lot, if the beneficiary so chooses. Further, the fund shall directly be released in the account of the beneficiary.

Time limit for completion of the Project:
a. The time for completion of the project would be as envisaged at the sanction stage, subject to maximum of 36 months period from the date of disbursement of the first instalment of assistance under the scheme, which may be extended by a further period of 3 months, if reasons for delay are considered justified by the Investment Committee.

b. In case of non-compliance to the implementation schedule, the further balance disbursements of sanctioned amount would be subject to approval by the Investment Committee.

List of Documents Required for Processing the application:
1. Company Background
2. Project Details Template – Manufacturing
3. CA Certified Net Worth Certificate Format
4. CA Certified Shareholding Certificate Format
5. Takeover Agreement of Firm - Entity into Private - Limited Company
6. Financial Projection Template (10 Years)
7. Document Checklist