Securities And Exchange Board Of India - Subsection
Section 19(5) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(5)In case of any related party transactions entered into after the initial offer,-(a)adequate disclosures shall be made to the unit holders and to the designated stock exchanges;(b)in case,-(i)the total value of all the related party transactions, in a financial year, pertaining to acquisition or sale of properties [whether directly or through holdco and/or SPVs] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] or investments into securities exceeds ten per cent of the value of REIT; or(ii)the value of the funds borrowed from related parties, in a financial year, exceeds ten per cent of the total consolidated borrowings of the REIT [holdco and/or SPVs] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).];approval from the unit holders shall be obtained prior to entering into any such subsequent transaction with any related party;(c)for the purpose of obtaining approval for such transactions, the manager shall obtain approval from unit holders in accordance with regulation 22 and request for such approval shall be accompanied by a transaction document.
