DELISTING OF UNITS :

1. The manager shall apply for delisting of units of the REIT to SEBI and the designated stock exchanges if,-

(a) The public holding falls below the specified limit under these regulations.

(b) The number of unit holders of the REIT forming part of the public falls below two hundred;

(c) If there are no projects or assets remaining under the REIT for a period exceeding six months and REIT does not propose to invest in any project in future. The period may be extended by further six months, with the approval  of unit holders in the manner as specified in these regulation.

(d) SEBI or the designated stock exchanges require such delisting for violation of the listing agreement or these regulations or the Act;

(e) The sponsor(s) or trustee requests such delisting and such request has been approved by unit holders in accordance with regulation 22(6);

(f) Unit holders apply for such delisting in accordance with these regulations.

(g) SEBI or the designated stock exchanges require such delisting for violation of the listing agreement, these regulations or the Act or in the interest of the unit holders.

2. SEBI and the designated stock exchanges may consider such application for approval or rejection as may be appropriate in the interest of the unit holders.

3. SEBI, instead of requiring delisting of the units, if it deems fit, may provide additional time to the REIT or parties to the REIT to comply with regulations.

4. SEBI may reject the application for delisting and take any other action, as it deems fit, for violation of the listing agreement or these regulations or the Act.

5. The procedure for delisting of units of REIT including provision of exit option to the unit holders shall be in accordance with the listing agreement and in accordance with procedure as may be specified by SEBI and by the designated stock exchanges from time to time.

6. SEBI may require the REIT to wind up and sell its assets in order to redeem units of the unit holders for the purpose of delisting of units and SEBI may through circulars or guidelines specify the manner of such winding up or sale.

7. After delisting of its units, the REIT shall surrender its certificate of registration to SEBI and shall no longer undertake activity of a REIT.

However, the REIT and parties to the REIT shall continue to be liable for all their acts of omissions and commissions with respect to activities of the REIT notwithstanding such surrender.