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TMI BlogBoard nomination rights to unitholders of Real Estate Investment Trusts (REITs)X X X X Extracts X X X X X X X X Extracts X X X X ..... omination right, continue to have/hold the required number of units of REIT and make a report of the same. The Manager of the REIT shall submit such report to the Trustee of the REIT. 4. This circular shall come into force with immediate effect. 5. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 4(2)(g) of the SEBI (Real Estate Investment Trusts) Regulations, 2014 . This circular is issued with the approval of the competent authority. 6. The recognized Stock Exchanges are advised to disseminate the contents of this Circular on their website. 7. This circular is available on the website of Securities and Exchange Board of India at www.sebi.gov.in under the category Legal Circulars . Yours faithfully Ritesh Nandwani Deputy General Manager Department of Debt and Hybrid Securities Tel No. +91-22-2644 9696 Email id [email protected] Annexure A Board Nomination Rights to Unitholders of Real Estate Investment Trusts (REITs) 1. Definitions 1.1. Eligible Unitholder(s) shall mean unitholder(s) holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther with the Manager or with any depository, within ten days from the end of September 30, 2023, requesting them to inform the Manager if any Eligible Unitholder(s) wish to exercise the right to nominate a Unitholder Nominee Director. 3.2. Notice by Eligible Unitholder(s) who wish to exercise the board nomination right 3.2.1. Eligible Unitholder(s) who wish to exercise this right shall inform the Manager through a written notice within ten days of receipt of the intimation from the Manager. The Eligible Unitholder(s) shall be reckoned based on the unitholding pattern as on September 30, 2023. 3.2.2. The Eligible Unitholder(s) shall inform the Manager of the REIT in writing of their proposed candidate for the Unitholder Nominee Director along with following details: i. name of the candidate ii. DIN of the candidate iii. a brief profile of the candidate, including age, educational qualifications, professional qualifications, nationality, occupation, address, experience in the sector and sub-sector in which the REIT operates and directorship in other entities, together with back-up documents iv. details of any outstanding criminal action, regulatory action or mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Unitholder(s) may submit another candidate within a period of ten days from the receipt of such communication from the Manager. 4. Subsequent Nomination by unitholders on an annual basis 4.1. The Manager shall send a written intimation to all unitholders on their email address(es) registered either with the Manager or with any depository, within ten days from the end of each financial year, requesting them to inform the Manager if any Eligible Unitholder(s) wish to exercise the right to nominate a Unitholder Nominee Director. 4.2. Eligible Unitholder(s) who wish to exercise this right shall inform the Manager through a written notice within ten days of receipt of the intimation from the Manager. The Eligible Unitholder(s) shall be reckoned based on the unitholding pattern of the REIT as on March 31st of the financial year. 4.3. The provisions contained in paragraph 3.2 above shall apply in regard to the notice by Eligible Unitholder(s) to the Manager and for appointment of the Unitholder Nominee Director. 5. A Unitholder Nominee Director shall continue to remain on the Board of Directors of the Manager unless: i. the nomination is withdrawn by Eligible Uni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or who has been appointed on the Board of Directors of the Manager, then such Eligible Unitholder(s), or their authorized representatives, shall inform the Manager of the proposed candidate in the manner set out in paragraph 3.2.2 to 3.2.4 of this circular. The Manager shall evaluate the proposed candidate and the provisions of paragraph 3.2.5 to 3.2.7 of this circular shall apply. 9. Vacating of office of a Unitholder Nominee Director 9.1. If at any time, the individual or collective unitholding of the Eligible Unitholder(s), who have nominated a Unitholder Nominee Director, falls below ten percent of the total outstanding units of the REIT, then the Eligible Unitholder(s) shall, notwithstanding the requirement contained in paragraph 7 above, immediately inform the Manager within two working days from such change and the Unitholder Nominee Director shall resign / step down from the Board of Directors of the Manager within two working days from such change. 9.2. If the individual or collective unitholding of the Eligible Unitholder(s), who have nominated a Unitholder Nominee Director, falls below ten percent of the total outstanding units of the REIT on account of any f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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