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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 than twenty one days shall be provided to the unit holders 24 [ : ] 25 [ Provided that a meeting of unit holders may be called after giving shorter notice than that specified in this clause if consent, in writing or by electronic mode, is accorded thereto - i. in case of an annual meeting, by not less than ninety-five percent of the unit holders entitled to vote thereat; and ii. in case of any other meeting, by majority of the unitholders in number entitled to vote thereat and who represent not less than ninety-five percent of such part of the units by value as gives a right to vote at the meeting. ] (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 shall convene and handle all activities pertaining to conduct of the meeting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roval under this sub-regulation, approval from unit holders shall be required where votes cast in favour of the resolution shall 4 [be more than] 28 [ fifty per cent of the total votes cast for ] the resolution. (5) In case of, (a) any change in investment manager including removal of the investment manager or change in control of the investment manager; (b) any material change in investment strategy or any change in the management fees of the InvIT; (c) the 7 [****] 8 [ trustee and ] investment manager proposing to seek delisting of units of the InvIT 9 [ under clause (e) of sub-regulation (1) of regulation 17 ] (d) any issue, not in the ordinary course of business, which in the opinion of the sponsor(s) or investment manager or trustee requires approval of the unit holders; (e) any issue for which the Board or the designated stock exchanges requires approval under this sub-regulation; (f) any issue taken up on request of the unit holders including, (i) removal of the investment manager and appointment of another investment manager to the InvIT; (ii) removal of the auditor and appointment of another auditor to the InvIT; (iii) removal of the valuer and appointment of another value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether with units held by such person and by persons acting in concert with such person in such InvIT, exceeds twenty-five per cent of the value of outstanding InvIT 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 dissenting unit holders to the extent and in the manner as may be specified by the Board. ] (6) With respect to the right(s) of the unit holders under clauses (f) of sub-regulation (5), (a) not less than twenty five per cent. of the unit holders by value, other than any party related to the transactions and its associates, shall apply, in writing, to the trustee for the purpose; (b) on receipt of such application, the trustee shall require the issue with the investment manager to place the issue for voting in the manner as specified in these regulations; (c) with respect to sub-clause (vi), not less than sixty per cent. of the unit holders by value shall apply, in writing, to the trustee for the purpose. 14 [ (7) In case of any change in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Investment Manager and/or group entities of Investment Manager may acquire units of the InvIT for the purpose of compliance of above condition. (vii) the sponsor(s) or its associate(s) do not own or control 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 Manager and do not own or control the Project Manager on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager; (xii) unitholders approval in terms of sub-regulation (7) of this regulation and consent of the Trustee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e unit holders by value shall be required and exit shall be provided to dissenting unit holders. 16. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 before it was read as, 11 [ (fa) de-classification of the status of sponsor; ] 17. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 18. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 19. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 20. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/182 dated 27-05-2024 21. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/192 dated 09-07-2024 22. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/207 dated 26-09-2024 w.e.f. 26-09-2024 before it was read as, votes cast against 23. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/207 dated 26-09-2024 w.e.f. 26-09-2024 24. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/207 dated 26-09-2024 w.e.f. 26-09-2024 before it was read as, ; 25. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/207 dated 26-09-2024 w.e.f. 26-09-2024 26. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/207 dated 26-09-2024 w.e.f. 26-09-2024 27. Substituted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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