Securities And Exchange Board Of India - Subsection
Section 22(8) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(8)In case of any change in sponsor or re-designated sponsor or change in control of sponsor or re-designated sponsor,-(a)prior to such changes, approval shall be obtained from the unit holders wherein votes cast in favour of the resolution shall not be less than three times the votes cast against the resolution;(b)if such change does not receive the required approval,-(i)in case of change of sponsor or re-designated sponsor, the proposed re-designated sponsor who proposes to buy the units shall provide the dissenting unit holders an option to exit by buying their units;(ii)in case of change in control of the sponsor or re-designated sponsor, the sponsor or re-designated sponsor shall provide the dissenting unit holders an option to exit by buying their units;(c)if on account of such sale, the number of unit holders forming part of the public falls below [as required under sub-regulation (2A) of Regulation 14] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] [the trustee may provide a period of one year to the manager to rectify the same, failing which] [Substituted 'two hundred or below twenty five per cent of the total outstanding units,' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] the [manager] [Substituted 'trustee' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] shall apply for delisting of the units of the REIT in accordance with regulation 17.
