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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 ..... enty one days either in writing or through electronic mode shall be provided to the unit holders 25 [ : ] 26 [ 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) 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 convene and handle all activities pertaining to conduct of the meetings: Prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this sub-regulation, approval from unitholders shall be required where the votes cast in favour of the resolution shall be 2 [more than] 29 [ fifty per cent of the total votes cast for ] the resolution. (6) In case of ,- (a) any change in manager including removal of the manager or change in control of the manager; (b) any material change in investment strategy or any change in the management fees of the REIT; (c) the sponsor(s) or manager proposing to seek delisting of units of the REIT; 8 [ **** ] (e) any issue, not in the ordinary course of business, which in the opinion of the sponsor(s) or manager or trustee requires approval of the unit holders; (f) any issue for which the Board or the designated stock exchanges requires approval under this sub-regulation; (g) any issue taken up on request of the unit holders including: (i) removal of the manager and appointment of another manager to the REIT; (ii) removal of the auditor and appointment of another auditor to the REIT; (iii) removal of the valuer and appointment of another valuer to the REIT; (iv) delisting of the REIT if the unit holders have sufficient reason to believe that such delisting would act in the interest of the un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iring 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. ] (7) With respect to the right(s) of the unit holders under clause (g) of sub-regulation (6),- (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 manager to place the issue for voting in the manner as specified in these regulations; (c) with respect to sub-clause (vi) of clause (g) of sub-regulation (6) , not less than sixty per cent. of the unit holders by value shall apply, in writing, to the manager for the purpose. (8) In case of any change in sponsor or 11 [ inducted ] sponsor or change in control of sponsor or 11 [ inducted ] sponsor 17 [ or conversion to Self-Sponsored Manager ] ,- 12 [ (a) prior to such changes, approval from seventy-five per cent of the unit holders by value excluding the value of units held by parties related to the transaction shall be obtained; ] (b) 18 [ if the required approval is not received ] ,- (i) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of compliance of the above condition. (vii) the sponsor(s) or its associate(s) do not own or control the 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 obtained for conversion to Self-Sponsored Manager; (xii) such other condition as may be specified by the Board. ] *************** NOTES:- 1 Substituted not be less than one and a half times by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 2 Substituted not less than one and half times by the SEBI (Real Estat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nserted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 18. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 before it was read as, if such change does not receive the required approval 19. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 before it was read as, with or without 20. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 21. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 22. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/193 dated 09-07-2024 23. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/208 dated 26-09-2024 w.e.f. 26-09-2024 before it was read as, votes cast against 24. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/208 dated 26-09-2024 w.e.f. 26-09-2024 25. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/208 dated 26-09-2024 w.e.f. 26-09-2024 before it was read as, ; 26. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/208 dated 26-09-2024 w.e.f. 26-09-2024 27. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/208 dated 26-09-2024 w.e.f. 26-09-2024 28. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/208 dated 26-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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