Securities And Exchange Board Of India - Subsection
Section 22(6) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(6)In case of ,-(a)any change in manager including removal of the manager or change in control of the manager;(b)any material change in investment strategy or any change in the management fees of the REIT;(c)the sponsor(s) or manager proposing to seek delisting of units of the REIT;(d)the value of the units held by a person along with its associates other than the sponsor(s) and its associates exceeding fifty per cent of the value of outstanding REIT units, prior to acquiring any further units;(e)any issue, not in the ordinary course of business, which in the opinion of the sponsor(s) or manager or trustee requires approval of the unit holders;(f)any issue for which the Board or the designated stock exchanges requires approval under this sub-regulation;(g)any issue taken up on request of the unit holders including:(i)removal of the manager and appointment of another manager to the REIT;(ii)removal of the auditor and appointment of another auditor to the REIT;(iii)removal of the valuer and appointment of another valuer to the REIT;(iv)delisting of the REIT if the unit holders have sufficient reason to believe that such delisting would act in the interest of the unit holders;(v)any issue which the unit holders have sufficient reason to believe that acts detrimental to the interest of the unit holders;(vi)change in the trustee if the unit holders have sufficient reason to believe that acts of such trustee is detrimental to the interest of the unit holders,approval from unit holders shall be required where the votes cast in favour of the resolution shall be not less than [one and half] [Substituted 'three' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] times the votes cast against the resolution:Provided that in case of clause (d), if approval is not obtained, the person shall provide an exit option to the unit holders to the extent and in the manner as may be specified by the Board.
