Sponsor de-classification allowed where unit holding cap, independent investment manager, and unitholder approval conditions are met. De-classification of sponsor status for an InvIT was permitted upon application and subject to conditions: the combined unit holding of the sponsor and its associates must remain within a prescribed cap; the investment manager must not be controlled by the sponsor or its associates; and unitholder approval must be obtained under the applicable approval mechanism.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Sponsor de-classification allowed where unit holding cap, independent investment manager, and unitholder approval conditions are met.
De-classification of sponsor status for an InvIT was permitted upon application and subject to conditions: the combined unit holding of the sponsor and its associates must remain within a prescribed cap; the investment manager must not be controlled by the sponsor or its associates; and unitholder approval must be obtained under the applicable approval mechanism.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.