Securities And Exchange Board Of India - Subsection
Section 9(13) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(13)In case of any change in manager due to removal or otherwise,-(a)prior to such change, the trustee shall obtain approval from unit holders in accordance with Regulation 22 and approval from the Board;(b)the trustee shall appoint the new manager within three months from the date of termination of the earlier investment management agreement;(c)the previous manager shall continue to act as such at the discretion of trustee till such time as new manager is appointed;(d)the trustee shall ensure that the new manager shall stand substituted as a party in all the documents to which the earlier manager was a party;(e)the trustee shall ensure that the earlier manager continues to be liable for all its acts of omissions and commissions notwithstanding such termination.
