TMI BlogRelated party transactionsX X X X Extracts X X X X X X X X Extracts X X X X ..... s to related parties; (c) lease assets to related parties; (d) lease assets from related parties; (e) invest in securities issued by related parties; (f) borrow from related parties. (3) With respect to purchase or sale of properties 1 [***] after initial offer,- (a) two valuation reports from two different valuers, independent of each other, shall be obtained; (b) such valuers shall undertake a full valuation of the assets proposed to be purchased or sold as specified under regulation 21; (c) Transactions for purchase of such assets shall be at a price not greater than, and transactions for sale of such assets shall be at a price not lesser than, 2 [one hundred ten percent and ninety percent of the] average of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining approval for such transactions, the manager shall obtain approval from unit holders in accordance with regulation 22 and request for such approval shall be accompanied by a transaction document. (6) The disclosures in the offer document and transaction document shall include the following, as may be applicable,- (a) identity of the related parties and their relationship with the REIT or parties to the REIT; (b) nature and details of the transactions entered into or proposed to be entered into with such related parties including description and location of assets; (c) the price or value of the assets or securities bought or sold or leased or proposed to be bought or sold or leased and if leased or proposed to be leased, va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent shall be entered into within six months from date of close of initial offer or from date of approval of the unit holders, as the case may be: Provided that in case of the agreement is not entered into within such period, approval from the unit holders may be sought for extension for another six months in accordance with regulation 22 with the updated valuation report(s). (9) Adequate disclosures of all related party transactions that have been entered into prior to the follow-on offer shall be made in the follow-on offer document. (10) Transaction between two or more of the REITs with a common manager or sponsor shall be deemed to be related party transactions for each of the REITs and provisions of this regulation shall apply: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2016 2 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 3 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 4 Words, figures and symbols in accordance with clause (a) of sub-regulation (3), as may be applicable omitted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017 5 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 6 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 7 Substituted any person or entity which is an associate of the by the SEBI (Real Estate Investment Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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