Securities And Exchange Board Of India - Subsection
Section 9(16) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(16)In case of any change in the project manager due to removal or otherwise,-a. the trustee shall appoint the new project manager within three months from the date of termination of the earlier [project implementation agreement/] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] project management agreement;b. the trustee may, either suo motu or based on the advice of the concessioning authority appoint an administrator in connection with a infrastructure project(s) for such term and on such conditions as it deems fit;c. the previous project manager shall continue to act as such at the discretion of trustee till such time as new project manager is appointed;d. all costs and expenses in this regard will be borne by the new project manager;e. the trustee shall ensure that the new project manager shall stand substituted as a party in all the documents to which the earlier project manager was a party;f. the trustee shall ensure that the earlier project manager continues to be liable for all its acts of omissions and commissions for the period during which it served as the project manager, notwithstanding such termination.
