AI Drafter 
TaxTMI 
TaxTMI 
Rights and meetings of unit holders
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....y postal ballot or electronic mode; (c) a notice of not less than twenty one days shall be provided to the unit holders ^24[:] ^25[Provided that a meeting of unit holders may be called after giving shorter notice than that specified in this clause if consent, in writing or by electronic mode, is accorded thereto - i. in case of an annual meeting, by not less than ninety-five percent of the unit holders entitled to vote thereat; and ii. in case of any other meeting, by majority of the unitholders in number entitled to vote thereat and who represent not less than ninety-five percent of such part of the units by value as gives a right to vote at the meeting.] (d) voting by any person who is a related party in such transaction as well as associates of such person(s) shall not be considered on the specific issue; (e) investment manager shall be responsible for all the activities pertaining to conducting of meeting of the unit holder, subject to overseeing by the trustee: Provided that in issues pertaining to the investment manager such as change in investment manager including removal of the investment manager or change in c....
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....issue, in the ordinary course of business, which in the opinion of the sponsor(s) or trustee or investment manager, is material and requires approval of the unit holders, if any; ^16[****] (g) any issue for which the Board or the designated stock exchanges requires such approval under this sub-regulation, approval from unit holders shall be required where votes cast in favour of the resolution shall ^4[be more than] ^28[fifty per cent of the total votes cast for] the resolution. (5) In case of,- (a) any change in investment manager including removal of the investment manager or change in control of the investment manager; (b) any material change in investment strategy or any change in the management fees of the InvIT; (c) the ^7[****] ^8[trustee and] investment manager proposing to seek delisting of units of the InvIT ^9[under clause (e) of sub-regulation (1) of regulation 17] (d) any issue, not in the ordinary course of business, which in the opinion of the sponsor(s) or investment manager or trustee requires approval of the unit holders; (e) any issue for which the Board or the designated stock exchanges r....
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....quired where votes cast in favour of the resolution shall ^29[be at least sixty per cent of total votes cast for the resolution.]: ^12[****] ^10[(5A) In case of any borrowing by an InvIT in terms of the limit specified in clause (b) of sub-regulation 3 of regulation 20, the approval from seventy five per cent. of the unit holders by value shall be obtained. ^15[****]] ^13[(5C) No person, other than sponsor(s), its related parties and its associates, shall acquire units of an InvIT which taken together with units held by such person and by persons acting in concert with such person in such InvIT, exceeds twenty-five per cent of the value of outstanding InvIT units unless approval from seventy five per cent. of the unit holders by value excluding the value of units held by parties related to the transaction, is obtained: Provided that if the required approval is not received, the person acquiring the units shall provide an exit option to the dissenting unit holders to the extent and in the manner as may be specified by the Board.] (6) With respect to the right(s) of the unit holders under clauses (f) of sub-regulation (5),- (a) not less than twenty fi....
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....v) during the period of preceding five years, the InvIT has not breached, at any time, the maximum leverage thresholds specified in these regulations; (v) the Investment Manager is meeting the net worth criteria specified for the sponsor in these regulations; (vi) the minimum unitholding requirement applicable to sponsor(s) and sponsor group(s) shall be complied with, on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager, by the Investment Manager, shareholders of the Investment Manager and/or group entities of Investment Manager; Explanation: Investment Manager, shareholders of the Investment Manager and/or group entities of Investment Manager may acquire units of the InvIT for the purpose of compliance of above condition. (vii) the sponsor(s) or its associate(s) do not own or control the Investment Manager of the InvIT on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager; (viii) the sponsor has not transferred / sold assets to the InvIT in the last three years and no assets/ projects shall be acquired by the InvIT from the outgoing sponsor(s) for a....
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.... vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/10 dated 22-04-2019 11. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 12. Omitted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 before it was read as, "Provided that in case of clause (d), if approval is not obtained, the person shall provide an exit option to the unit holder to the extend and in the manner specified by the Board." 13. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 14. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 15. Omitted vide Notification No. SEBI/LAD-NRO/GN/2022/101 dated 09-11-2022 w.e.f. 01-01-2023 before it was read as, , "(5B) For delisting of units of InvIT in terms of clause (ea) of sub-regulation (1) of regulation 17, approval from not less than ninety per cent. of the unit holders by value shall be required and exit shall be provided to dissenting unit holders." 16. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 before it was read as, "^11[(fa) de-classification of the status of sponsor;]" 17. Inserted vide Notificati....