Del. HC: Obtaining of Voice Samples of Accused Must be in Compliance with Telegraph Act  ||  P&H HC: Peaceful Protest is Not a Penal Offence Under Section 188 IPC  ||  All HC: AO Must Consider Form 10 u/s 17 Supplied After Limitation But Before Assessment is Completed  ||  Ker. HC Issues Guidelines on Handling Digital Evidence Containing Sexually Explicit Materials  ||  Del. HC: Cyber Crimes Dissuade Aspirations of Advanced 'Digital Bharat'  ||  Del. HC: Suspension of Entity Can’t be Continued Indefinitely  ||  Del. HC: Woman Can be 'Karta' of HUF  ||  SC: Court Can’t Impose Bail Condition that Husband Must Resume Conjugal Life with Wife  ||  SC Takes Suo Moto Cognizance of Cal. HC Judgment that Adviced Adolescents on Sexual Behavior  ||  JKL HC: Court Can’t be Guided by Personal Law While Deciding Apportionment of Compensation    

Board nomination rights to unitholders of Infrastructure Investment Trusts (InvITs)- (Securities and Exchange Board of India) (11 Sep 2023)


Capital Market

1. Regulation 4(2)(h) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 ("InvIT Regulations") inter-alia provides that unitholder(s) holding not less than ten percent of the total outstanding units of the InvIT, either individually or collectively, shall be entitled to nominate one director on the board of directors of the Investment Manager, in the manner as may be specified by the Board.

2. Accordingly, the framework to exercise board nomination rights by the Eligible Unitholder(s) has been specified at Annexure - A.

3. Reporting and Monitoring

The Investment Manager of the InvIT shall, within ten days from the end of each calendar month, review whether the Eligible Unitholder(s) who have exercised the board nomination right, continue to have/hold the required number of units of InvIT and make a report of the same. The Investment Manager of the InvIT shall submit such report to the Trustee of the InvIT.

4. This circular shall come into force with immediate effect.

5. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 4(2)(h) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014. This circular is issued with the approval of the competent authority.

6. The recognized Stock Exchanges are advised to disseminate the contents of this Circular on their website.


Share :        

Disclaimer | Copyright 2023 - All Rights Reserved