SEBI has vide its notification dated 26th February, 2021 allowed the annual meeting of the unit holders of the Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvIT) to be held on video conferencing mode or any other audio visual means upto 31st December 2021 and any other meetings other than annual meetings upto 30th June, 2021. The gist of the circular is given below
SEBI vide circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated June 22, 2020 read with circular no. SEBI/ HO/ DDHS/ DDHS/CIR/P/2020/201 dated October 08, 2020 permitted REITs/InvITs to conduct annual meetings and other meetings of unitholders through VC or OAVM up to December 31, 2020.
- Representations have been received to further extend the aforesaid facility to conduct meetings of unitholders which become due in the year 2021 through VC or OAVM for some more time. It is observed that MCA, vide circulars dated December 31, 2020 and January 13, 2021, permitted companies to conduct their Extraordinary General meetings upto June 30, 2021 and Annual General meetings due in the year 2021 through VC or OAVM.
- Accordingly, it has been decided to extend the facility to conduct meetings of unitholders, through VC or OAVM for REITs/InvITs, as under:
a. Annual meetings of unitholders in terms of Regulation 22(3) of SEBI (Real Estate Investment Trusts) Regulations, 2014 and Regulation 22(3)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014, (which becomes due in the calendar year 2021) to be conducted till December 31, 2021.
b. For meetings other than annual meeting of unitholders till June 30, 2021.
- REITs/ InvITs shall comply with the procedure prescribed in Annexure-I of SEBI circular no. SEBI/ HO/ DDHS/ DDHS/ CIR/P/2020/102 dated June 22, 2020.