The board of Ocean Dial’s India Capital Growth Fund has pledged to take “significant actions” to save the fund, following a period of underperformance.

In a statement released this morning, the fund’s chairman Elisabeth Scott said “disappointing” performance meant the closed-ended investment company would likely fail its three-yearly assessment in August, thus triggering a continuation vote.

The board had therefore decided to hold an extraordinary meeting on 12 June to decide the fund’s future.

“The choice is between winding up the company at a time when Indian mid-cap and small-cap equities ar...