TMI BlogRights and meetings of unit holdersX X X X Extracts X X X X X X X X Extracts X X X X ..... ercentage as specified in these regulations, of votes cast against; (b) the voting may also be done by postal ballot or electronic mode; (c) a notice of not less than twenty one days shall be provided to the unit holders; (d) voting by any person who is a related party in such transaction as well as associates of such person(s) shall not be considered on the specific issue; (e) investment manager shall be responsible for all the activities pertaining to conducting of meeting of the unit holder, subject to overseeing by the trustee: Provided that in issues pertaining to the investment manager such as change in investment manager including removal of the investment manager or change in control of the investment manager, trustee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets; 6 [ (c) any borrowing in terms of the limit specified under clause (a) of sub-regulation (3) of regulation 20 ] (d) any issue of units after 3 [ initial public offer by an InvIT] , in whatever form, other than any issue of units which may be considered by the Board under sub-regulation (5); (e) increasing period for compliance with investment conditions to one year in accordance with clause (c) of sub-regulation (5) of regulation 18; (f) any issue, in the ordinary course of business, which in the opinion of the sponsor(s) or trustee or investment manager, is material and requires approval of the unit holders, if any; 16 [****] (g) any issue for which the Board or the designated stock exchanges requires suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the unit holders; (vi) change in the trustee if the unit holders have sufficient reason to believe that acts of such trustee is detrimental to the interest of the unit holders, approval from unit holders shall be required where votes cast in favour of the resolution shall not be less than 5 [one and a half] times the votes cast against the resolution: 12 [ **** ] 10 [ (5A) In case of any borrowing by an InvIT in terms of the limit specified in clause (b) of sub-regulation 3 of regulation 20, the approval from seventy five per cent. of the unit holders by value shall be obtained. 15 [ **** ]] 13 [ (5C) No person, other than sponsor(s), its related parties and its associates, shall acquire units of an InvI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f units held by parties related to the transaction shall be obtained (b) if the required approval is not received,- (i) in case of change of sponsor or inducted sponsor, the proposed inducted sponsor shall provide the dissenting unit holders an option to exit by buying their units in the manner specified by the Board; (ii) in case of change in control of the sponsor or inducted sponsor, the said sponsor or inducted sponsor shall provide the dissenting unit holders an option to exit by buying their units in the manner specified by the Board; 18 [ (iii) in case of conversion to Self-Sponsored Investment Manager, the Investment Manager shall provide the dissenting unit holders an option to exit by buying their units in the manner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ol the Investment Manager of the InvIT on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager; (viii) the sponsor has not transferred / sold assets to the InvIT in the last three years and no assets/ projects shall be acquired by the InvIT from the outgoing sponsor(s) for a period of one year from the date of conversion to Self-Sponsored Investment Manager; (ix) at least one of the sponsor(s) proposing to disassociate should have been a sponsor of the InvIT for a minimum period of five years; (x) the InvIT shall not have any under-construction assets acquired from the sponsor that have not commenced commercial operations; (xi) the sponsor(s) or its associate(s) are not the Project Manag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. SEBI/LAD-NRO/GN/2019/10 dated 22-04-2019 before it was read as (c) any borrowing in excess of specified limit as required under sub-regulation (2) of regulation 20; 7. Omitted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/10 dated 22-04-2019 before it was read as sponsor(s) or 8. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/10 dated 22-04-2019 9. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/10 dated 22-04-2019 10. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/10 dated 22-04-2019 11. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 12. Omitted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 before it was read as Provided that in case of clause ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
