Process for reclassification of subordinate unit

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..... r reclassification of subordinate units to ordinary units and shall be reviewed by the trustee and the audit committee of the investment manager. (2) If the performance benchmark is achieved at the end of the entitlement date, including extended period, if any; the subordinate units shall be reclassified into equal number of ordinary units on a pari passu basis in accordance with the terms and con .....

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..... consider reclassification of subordinate units into ordinary units or extinguishment of the subordinate units depending on the achievement of the performance benchmark and pass a resolution making the necessary recommendation to this effect to the trustee. (5) The recommendation for reclassification of the subordinate units into ordinary units or extinguishment of the subordinate units, as the ca .....

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..... all mean the date from when subordinate units shall be reclassified as ordinary units. (8) The subordinate units upon being reclassified as ordinary units shall be listed on the recognised stock exchange(s) upon receipt of final listing and trading approval from such stock exchange(s). ] **************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/182 dated 27-05-2024 - - stat .....

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