TMI BlogRights and meetings of unit holdersX X X X Extracts X X X X X X X X Extracts X X X X ..... s specified in this regulation, of the 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 either in writing or through electronic mode 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) manager shall be responsible for all the activities pertaining to conducting of meeting of the unit holders, subject to overseeing by the trustee: Provided that in respect of issues pertaining to the manager such as change in manager including removal of the manager or change in control of the manager, Trustee shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rowing in excess of specified limit as required under sub-regulation (2) of regulation 20; (d) any issue of units after initial offer by the REIT, in whatever form, other than any issue of units which may be considered by the Board under sub-regulation(6); (e) increasing period for compliance with investment conditions to one year in accordance with proviso to sub-regulation (9) of regulation 18; (f) any issue, in the ordinary course of business, which in the opinion of the sponsor(s) or trustee or manager, is material and requires approval of the unit holders, if any; 16 [****] (g) any issue for which the Board or the designated stock exchange requires approval under this sub-regulation, approval from unitholders shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be required where the votes cast in favour of the resolution shall be not less than 3 [one and half] times the votes cast against the resolution: 9 [ **** ] 10 [ (6A) No person, other than sponsor(s), its related parties and its associates, shall acquire units of a REIT which taken together with units held by him and by persons acting in concert with him in such REIT, exceeds twenty-five per cent of the value of outstanding REIT units unless approval from seventy five per cent. of the unit holders by value excluding the value of units held by parties related to the transaction, is obtained: Provided that if the required approval is not received, the person acquiring the units shall provide an exit option to the dissentin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sponsor or inducted sponsor shall provide the dissenting unit holders an option to exit by buying their units in the manner as specified by the Board; Explanation: Change in sponsor or inducted sponsor shall mean any change due to entry of a new sponsor 19 [ or ] exit of an existing sponsor. ] 20 [ (iii) in case of conversion to Self-Sponsored Manager, the Manager shall provide the dissenting unit holders an option to exit by buying their units in the manner specified by the Board. ] (c) if on account of such sale, the number of unit holders forming part of the public falls below 4 [as required under sub-regulation (2A) of Regulation 14] two hundred or below 5 [ the trustee may provide a period of one year to the mana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Manager of the REIT on or after the date of conversion of the Manager to Self-Sponsored Manager; (viii) the Sponsor has not transferred / sold assets to the REIT in the last three years and no assets/ projects shall be acquired by the REIT from the outgoing sponsor(s) for a period of one year from the date of conversion to Self-Sponsored Manager; (ix) at least one of the sponsor(s) proposing to disassociate should have been a sponsor of the REIT for a minimum period of five years; (x) the REIT shall not have any under-construction properties acquired from the sponsor that have not commenced commercial operations; (xi) unitholders approval in terms of sub-regulation (8) of this regulation and consent of the Trustee has been obta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if approval is not obtained, the person shall provide an exit option to the unitholders to the extent and in the manner as may be specified by the Board. 10. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 11. Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 before it was read as re-designated 12. Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 before it was read as (a) prior to such changes, approval shall be obtained from the unit holders wherein votes cast in favour of the resolution shall not be less than three times the votes cast against the resolution; 13. Omitted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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