ET BureauRelated
New Delhi: Markets regulator Sebi on Thursday extended the facility for conducting extraordinary meetings of unitholders of REITs and InvITs through video conferencing and other audio-visual means till December 31. The move comes after Sebi received representations for extending the facility for some more time due to the COVID-19 pandemic.
Earlier, this facility was available till September 30.
"It has now been decided to extend the facility of VC (video conferencing) and OAVM (other audio-visual means) for conducting extraordinary meetings(s) of unitholders by InvITs/ REITs upto December 31, 2020," the regulator said in a circular.
This is subject to compliance with certain procedures.
Among others, Sebi said the recorded transcript of the meeting held through VC or OAVM will be maintained in safe custody of the investment manager of InvIT or manager of the REIT.
Infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) also need to upload the transcript on their website as soon as possible after the conclusion of the meeting.
Further, before the actual date of meeting, the facility of remote e-voting needs to be provided.
At least one independent director of investment manager of InvIT or manager of REIT and auditor of InvIT and REIT or their authorised representative will attend such unitholders meeting.
The InvITs and REITs regulations provide for holding an annual meeting of all unitholders not less than once a year.
Besides, meeting of unitholders is also required for matters which require their approval.
Earlier in June, the facility of video conferencing and other audio-visual means was made available for annual meeting of unitholders to be conducted during calendar year 2020.
For meetings other than annual meeting of unitholders, the facility was provided up to September 30, 2020.
Earlier, this facility was available till September 30.
"It has now been decided to extend the facility of VC (video conferencing) and OAVM (other audio-visual means) for conducting extraordinary meetings(s) of unitholders by InvITs/ REITs upto December 31, 2020," the regulator said in a circular.
This is subject to compliance with certain procedures.
Among others, Sebi said the recorded transcript of the meeting held through VC or OAVM will be maintained in safe custody of the investment manager of InvIT or manager of the REIT.
Infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) also need to upload the transcript on their website as soon as possible after the conclusion of the meeting.
Further, before the actual date of meeting, the facility of remote e-voting needs to be provided.
At least one independent director of investment manager of InvIT or manager of REIT and auditor of InvIT and REIT or their authorised representative will attend such unitholders meeting.
The InvITs and REITs regulations provide for holding an annual meeting of all unitholders not less than once a year.
Besides, meeting of unitholders is also required for matters which require their approval.
Earlier in June, the facility of video conferencing and other audio-visual means was made available for annual meeting of unitholders to be conducted during calendar year 2020.
For meetings other than annual meeting of unitholders, the facility was provided up to September 30, 2020.
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