Amendments to manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate Investment Trusts) Regulations, 2014 (“SEBI (REIT) Regulations”)
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Exit option enhancements require expedited notices, Letter of Offer filing, escrow, tender timetable, and enhanced price for dissenting unit holders. Amendments prescribe that where an open offer triggers Regulation 22(6A) or 22(8), the relevant date is the public announcement date; establish a two notice regime with strict timelines for Manager notifications, unit holder voting, intimation of dissenting unit holders, dispatch of a Letter of Offer by the Lead Manager, creation of an escrow prior to the tendering period, a seven day post intimation start and five day tender period, payment within three working days of tender close, and reporting obligations; and require the exit option price to be enhanced at ten per cent per annum for the period between the first and second notice.
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.
Exit option enhancements require expedited notices, Letter of Offer filing, escrow, tender timetable, and enhanced price for dissenting unit holders.
Amendments prescribe that where an open offer triggers Regulation 22(6A) or 22(8), the relevant date is the public announcement date; establish a two notice regime with strict timelines for Manager notifications, unit holder voting, intimation of dissenting unit holders, dispatch of a Letter of Offer by the Lead Manager, creation of an escrow prior to the tendering period, a seven day post intimation start and five day tender period, payment within three working days of tender close, and reporting obligations; and require the exit option price to be enhanced at ten per cent per annum for the period between the first and second notice.
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