Securities And Exchange Board Of India - Subsection
Section 17(1) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(1)The investment manager shall apply for delisting of units of the InvIT to the Board and the designated stock exchanges if,-(a)the public holding falls below the specified limit under sub-regulation (6) of regulation 16;(b)the number of unit holders of the InvIT falls below the limit as specified under [regulation 16] [Substituted 'sub-regulation (7)' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).];(c)if there are no projects or assets remaining under the InvIT for a period exceeding six months and InvIT does not propose to invest in any project in future:Provided that, the period may be extended by further 6 months, with the approval of unit holders in the manner as specified in regulation 22;(d)the Board or the designated stock exchanges require such delisting for violation of the listing agreement or these regulations or the Act;(e)the [***] [Omitted 'sponsor(s) or' by Notification No. SEBI/LAD-NRO/GN/2019/10, dated 22.4.2019.] trustee [and investment manager] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/10, dated 22.4.2019.] requests such delisting and such request has been approved by unit holders in accordance with regulation 22;(ea)[ the trustee and the Investment Manager of a privately placed and listed InvIT chooses to convert InvIT to a privately placed unlisted InvIT and such request has been approved by unit holders in accordance with regulation 22: [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/10, dated 22.4.2019.]Provided that exit shall be provided to dissenting unitholders.](f)unit holders apply for such delisting in accordance with regulation 22;(g)the Board or the designated stock exchanges require such delisting in the interest of the unit holders:Provided that if clause (a) or (b) is breached, the trustee may provide a period of six months to the investment manager to rectify the same, failing which shall apply for such delisting:Provided further that in case of PPP projects, such delisting shall be subject to relevant clauses in the concession agreement.
