TaxTMI 
TaxTMI 
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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....sued circular SEBI/HO/DDHS/DDHS/CIR/P/2020/123 dated July 17, 2020 providing the 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. 2. The said circular stands modified as under: a. Clause 1.6 of Annexure - I of the circular is modified to read as under: 1.6 "Relevant date" means the last day of voting for resolution under Regulation 22(6A) or Regulation 22(8) of the SEBI (REIT) Regulations. Provided that in case an acquisition described under Regulation 22(6A) or change in sponsor or inducted sponsor or change in control of sponsor or inducted sponsor under regulation 22(8) of SEBI (REIT) Regulations is t....
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....ions. The acquirer shall also confirm to the Manager that it shall give exit option to dissenting unit holders in case approval of the requisite majority is not received. Further, a person being inducted as a sponsor shall give declaration to Manager with regard to satisfying the eligibility conditions prescribed for a sponsor under SEBI (REIT) Regulations. Not later than two working days from the completion of the acquisition which triggered the provisions of Regulation 22(6A) or Regulation 22(8) of SEBI (REIT) Regulations. On receipt of second notice, Manager shall intimate to stock exchange(s) Immediately but not later than twenty four hours from the receipt of such second notice Manager shall convene a meeting of unit holder....
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.... of Intimation" Tender period shall be five working days. Payment of consideration to dissenting unit holders by the Acquirer Within a period of three working days from the last date of the tendering period Lead Manager shall submit a report to Manager that the payment has been duly made to all the dissenting unit holders whose units have been accepted in the exit option. Based on the information received from Lead Manager, Manager shall update aggregate number of units tendered, accepted, payment of the consideration and the post-exit option unit holding pattern of the REIT with stock exchange(s). Within two working days from the date of payment of consideration c. Clause 3.4 is added after Clause 3.3 of Annexure-I of the cir....