SEBI permits InVITs & REITs to conduct unitholders’ AGM and other meetings virtually till June 30, 2022

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SEBI; InVITs & REITs; AGM and other meetings virtually till June 30

Circular No. SEBI/HO/DDHS/DDHS_Div2/P/CIR/2021/697, Dated: 22-12-2021

Based on representations from REITs/InvITs, SEBI has decided to extend the facility to conduct annual meetings and other meetings of unitholders through VC/OAVM till June 30, 2022. Earlier, SEBI vide circular no. SEBI/HO/DDHS/DDHS/CIR/P/2021/21 dated February 26, 2021, permitted REITs/InvITs to conduct annual meetings of unitholders through VC/OAVM till December 31, 2021, and other meetings of unitholders through VC/OAVM till June 30, 2021. For conducting such meetings, REITs/InvITs need to comply with the procedure prescribed by the regulator. They shall ensure that recorded transcript of the meeting held through VC or OAVM shall be maintained in the safe custody of the Investment Manager of the InvIT / Manager of the REIT and listed InvITs/ REITs shall also upload the transcript on the website of the InvIT/ REIT as soon as possible after the conclusion of the meeting.

SEBI said that all care must be taken to ensure that such meetings through VC or OAVM allow two-way teleconferencing for the ease of participation of the unitholders, and the participants are allowed to pose questions concurrently or given time to submit questions in advance on the email address of the InvIT/ REIT.

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