Under fire listed India Capital Growth Fund, managed by Ocean Dial, has published a set of proposals aimed at improving its performance.

The move comes after its Chairman Elisabeth Scott, ripped into the fund, stating it had “significantly underperformed its benchmark” and is “likely to fail the second part of its three-yearly assessment in August, triggering a continuation vote, details of which are set out below. As a result, the Board has been carefully assessing, in the interest of shareholders, the best options for the future of the company. “

Ms Scott went on “The choice is between winding up the company at a time when Indian mid-cap and small-cap equities are trading at close to their 15-year lows; or taking strong measures to improve performance and provide shareholders with a way to redeem the bulk of their holdings, if they wish, at a set date in the future.”

Some of the measure being discussed to improve its performance include aims to double its investment team who manage the fund. It has also proposed a cut in the investment manager’s fee with a further review of the fee in 2022.

Shareholders in the trust will vote at the EGM on 12 June.