Archive · 8 Aug 2025
S&W Accuses Embassy REIT, WeWork India of Non-Disclosures
S&W, a company that builds solar plants, is in a money dispute with Embassy REIT and WeWork India.
S&W says these companies didn't tell investors about a problem in their financial documents.
The problem is about a ₹100 crore payment for a solar plant.
The company alleges that the owners of the companies have been charged with a crime but the news was not disclosed.
S&W wants the authorities to take action because of the issue and the denial of the payment.
Embassy Group says they didn't owe the money.
S&W filed complaints against Embassy REIT and WeWork India with SEBI, alleging non-disclosure of material information.
The complaints relate to a ₹100 crore payment dispute over a solar project involving Embassy Energy Pvt Ltd (EEPL).
S&W claims WeWork India did not disclose a chargesheet against Jitendra and Karan Virwani in its IPO prospectus.
S&W also wants the Virwanis removed from Embassy REIT due to the ongoing investigation.
Embassy Group denies all allegations related to non-payment of dues.
- Who
- Sterling & Wilson, Embassy REIT, WeWork India, Jitendra Virwani, Karan Virwani
- What
- S&W filed complaints alleging non-disclosure of information against Embassy REIT and WeWork India.
- When
- Complaints filed on July 22nd. The issue arose from 2018.
- Where
- SEBI, India
- Why
- To address alleged non-disclosure of material information related to a payment dispute.
S&W's Stance
Embassy Group's Stance
Disclosure of Information
S&W's Stance
S&W alleges that Embassy REIT and WeWork India failed to disclose material information related to a payment dispute.
Embassy Group's Stance
Embassy Group denies these allegations and claims they are not contractually obligated to pay S&W.
- Companies Involved
- S&W, Embassy REIT, WeWork India, EEPL
- Dispute Amount
- ₹100 crore
- SEBI Complaints Date
- July 22nd
- Embassy REIT Chair
- Jitendra Virwani
- EEPL Payment Guarantee
- EEPL guaranteed payment to S&W in case IL&FS Energy failed.
- S&W Promoters
- Reliance New Energy Ltd, Shapoorji Pallonji And Co Pvt Ltd, Daruvala family