Transfer restrictions on subordinate units limit transfers and encumbrances to sponsor group and require prompt disclosure. Subordinate units are locked in until reclassification into ordinary units and may be transferred or encumbered only to the sponsor, its associates or sponsor-group entities; the depository must not register transfers or encumbrances except to such permitted persons, the investment manager must disclose any inter-se transfer or encumbrance to the recognised stock exchange within one working day, and on change of sponsor the outgoing sponsor must transfer subordinate units it holds to another sponsor, its associates or sponsor-group entities.
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.
Transfer restrictions on subordinate units limit transfers and encumbrances to sponsor group and require prompt disclosure.
Subordinate units are locked in until reclassification into ordinary units and may be transferred or encumbered only to the sponsor, its associates or sponsor-group entities; the depository must not register transfers or encumbrances except to such permitted persons, the investment manager must disclose any inter-se transfer or encumbrance to the recognised stock exchange within one working day, and on change of sponsor the outgoing sponsor must transfer subordinate units it holds to another sponsor, its associates or sponsor-group entities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
