SEBI is in receipt of representations from Investment Manager of REITs and InvITs to allow them to conduct meetings of unit holders through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Hence, it has published two Circulars dated 12th January, 2023 allowing meetings of REITs and InvITs to be conducted through VC and OAVM respectively.
Annual meetings of all unit holders are required to be conducted at least once a year within 120 days from the end of financial year and the time between two meetings must not exceed 15 months.
Enabling participation of unit holders through VC or OAVM ensures maximum participation of the unit holders in the decision-making process and delivers collaborative in-person experience at their convenience. Further, it also permits participation of unit holders irrespective of their geographical location. Hence, it has been decided to allow Investment Manager of the InvIT and Manager of the REIT to conduct meetings of unit holders through Video Conferencing or Other Audio Visual means.
In conducting these meetings in through such means the Managers are required to adopt certain as is detailed in the present Circulars.
Additionally, the Managers are also required to undertake the following reporting and monitory measures:
(a) The Investment Manager of the InvIT/ Manager of the REIT shall disclose to the Stock Exchange and Trustee that the meeting of unit holders will be conducted through Video Conferencing or Other Audio Visual means.
(b) The trustee of the InvIT/ Manager of the REIT shall attend meeting of unit holders and monitor the meetings conducted through Video Conferencing or Other Audio Visual means.