Securities And Exchange Board Of India - Subsection
Section 18(3) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(3)The REIT may invest in properties through SPVs subject to the following,-(a)no other shareholder or partner of the SPV shall [exercise] [Substituted 'have' by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).] any rights that prevents the REIT from complying with the provisions of these regulations [and an agreement [has been] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] entered into with such shareholders or partners to that effect prior to investment in the SPV;][Provided that the shareholders' agreement or partnership agreement shall provide for an appropriate mechanism for resolution of disputes between the REIT and the other shareholders or partners in the SPV;Provided further that the provisions of these regulations shall prevail in case of inconsistencies between such agreement(s) and the obligations cast upon a REIT under these regulations.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).](b)[ the manager, in consultation with the trustee, shall appoint atleast such number of nominees on the board of directors or the governing board of such SPVs, as applicable, which are in proportion to the shareholding or holding interest of the REIT in the SPV;] [Substituted by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).](c)the manager shall ensure that in every meeting including annual general meeting of the SPV, the voting of the REIT is exercised [***] [Omitted 'subject to provisions of Companies Act, 2013' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).].
