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[Cites 0, Cited by 0] [Section 18(16)] [Section 18] [Entire Act]

Securities And Exchange Board Of India - Subsection

Section 18(16)(d) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014

(d)if any property is sold by the REIT or [holdco or SPV or if the equity shares or interest in the holdco/SPV are sold by the REIT, then] [Substituted 'SPV' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).],-
(i)if the REIT proposes to reinvest sale proceeds, if any, into another property, it shall not be required to distribute any sale proceeds from such sale to the unit holders; [***] [Omitted 'and if the SPV proposes to reinvest sale proceeds, if any, into another property, it shall not be required to distribute any sale proceeds from such sale to the REIT' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).];
(ii)if the REIT [***] [Omitted 'or SPV' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] proposes not to invest the sales proceeds made into any other property, [within a period of 1 year] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] it shall be required to distribute not less than ninety per cent of the sales proceeds in accordance with clauses (a) [(b), (c) and (d) of sub-regulation 16] [Substituted 'and (b)' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).];