1 week ago
Embassy REIT Disclosure Allegations Trigger Fresh SEBI Complaint
A person who owns units in Embassy REIT has complained to SEBI.
They say the REIT did not clearly or quickly report some criminal cases involving its sponsor and promoters.
One complaint concerns a court stay that ended after a petition was withdrawn in January 2022.
The unitholder says some reports kept describing the stay as active for several years.
They also questioned whether the REIT’s trustee, Axis Trustee Services, properly checked the disclosures.
Embassy Group denies the accusations.
It says the claims repeat issues already considered by courts and are part of a campaign against the group.
SEBI has been asked to examine the disclosures, the trustee’s oversight and related compliance certifications.
Unitholder Suresh Tibrewal has asked SEBI to investigate alleged delayed or inaccurate disclosures by Embassy REIT, its manager and trustee.
The complaint concerns criminal proceedings involving Embassy Property Developments and promoters Jitendra Mohandas Virwani and Karan Jitendra Virwani.
It alleges that reports and investor documents continued describing an interim stay in a CBI case after the related petition was withdrawn in January 2022.
The unitholder has questioned whether Axis Trustee Services Ltd adequately supervised disclosures and assessed the promoters’ fit-and-proper status.
Embassy Group rejected the allegations as legally untenable, calling them part of a coordinated campaign allegedly linked to Sterling & Wilson.
- Who
- Suresh Tibrewal, represented by Sigma Chambers, filed the complaint against Embassy Office Parks REIT, its manager and Axis Trustee Services Ltd; Embassy Group rejected the allegations.
- What
- A representation seeks SEBI scrutiny and regulatory and criminal action over alleged delayed or inaccurate disclosures about criminal proceedings and related oversight.
- Where
- The complaint was made to the Securities and Exchange Board of India and concerns a CBI case in Hyderabad.
- When
- The representation was dated August 17, 2026; it also refers to a criminal petition withdrawn on January 7, 2022, and a SEBI order dated April 29, 2026.
- Why
- The unitholder alleges that material legal information was not properly disclosed in reports and investor documents and that the trustee failed to provide adequate oversight.
Unitholder’s allegations
Embassy Group’s response
Disclosure accuracy and timing
Unitholder’s allegations
The unitholder alleges that criminal proceedings and the status of an interim stay were disclosed late or inaccurately in reports and General Information Documents.
Embassy Group’s response
Embassy Group rejects the allegations and says the latest representation improperly repackages substantially similar claims that have already been considered by judicial forums.
Trustee oversight
Unitholder’s allegations
The unitholder questions whether Axis Trustee Services independently supervised disclosures, ensured corrections and properly assessed the promoters’ fit-and-proper status.
Embassy Group’s response
Embassy Group defended Embassy REIT’s governance, transparency and performance record and said there had been no adverse finding against it in the cited Bombay High Court proceedings.
Motivation behind the complaint
Unitholder’s allegations
The representation presents the matter as a regulatory compliance issue requiring SEBI scrutiny of the REIT, trustee and company secretary certifications.
Embassy Group’s response
Embassy Group called the complaint part of a sustained and coordinated campaign allegedly conducted at the behest of Sterling & Wilson to damage the group’s reputation.
Key facts
- Complainant
- Suresh Tibrewal, represented by Sigma Chambers, Advocates and Solicitors
- Respondent entities
- Embassy Office Parks REIT, its manager and Axis Trustee Services Ltd
- Alleged disclosure period
- Half-yearly and annual reports, and General Information Documents issued from 2023 through 2025
- Capital raised
- Approximately ₹14,750 crore through private placements of non-convertible debentures and commercial paper in 2023, 2024 and 2025
- CBI case issue
- The representation says a criminal petition was withdrawn on January 7, 2022, vacating an interim stay, while later disclosures continued to describe the stay as operating
- Trustee penalty cited
- The complaint refers to a SEBI order dated April 29, 2026, imposing a ₹10 lakh fine on Axis Trustee in a matter concerning the fit-and-proper assessment of former Embassy REIT CEO Arvind Maiya
- Embassy Group response
- The group called the allegations baseless, recycled and part of a sustained campaign allegedly linked to Sterling & Wilson
Quotes
Embassy Group
The group responding to the unitholder’s SEBI representation
“We regard this pattern as a clear abuse of process and a deliberate campaign of harassment and coercion.”
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Sources
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