Embassy Office Parks Manager settles SEBI case on delayed disclosures for Rs 18.4 lakh

Embassy Office Parks Manager settles SEBI case on delayed disclosures for Rs 18.4 Lakh

Embassy Office Parks Management Services Pvt. Ltd., the manager of Embassy Office Parks REIT, has settled a disclosure lapse case with the Securities and Exchange Board of India (SEBI) by paying Rs 18.39 lakh without admitting or denying wrongdoing. The case pertained to alleged delays in disclosing key developments related to its former CEO, Aravind Maiya, following an adverse order issued by the National Financial Reporting Authority (NFRA) on August 19, 2024.

SEBI’s examination found that the NFRA order, where Maiya was held guilty of professional misconduct in his earlier role as an auditor, was not communicated to unitholders or stock exchanges in a timely manner. Embassy REIT made the disclosure only on October 11, 2024, a delay of 53 days.

SEBI order noted that, the said NFRA order being a material event, the same was required to be disclosed to the unitholders and stock exchanges." However, the said NFRA order against the CEO of Applicant, Mr. Aravind Maiya, was not disclosed to the stock exchanges and unitholders in a timely manner."

The regulator further noted that the company also delayed disclosing its legal opinions affirming Maiya as “fit and proper” as well as SEBI’s own communication dated October 8, 2024, which concluded that Maiya no longer met the ‘fit and proper’ criteria under SEBI’s Intermediaries Regulations.

SEBI issued a show-cause notice to the REIT manager on May 30, 2025, for violating disclosure requirements under the REIT Regulations. However, during the pendency of adjudication, the company opted for settlement under SEBI’s Settlement Regulations, 2018.

After discussions with SEBI’s Internal Committee and review by the High-Powered Advisory Committee (HPAC), a settlement amount of Rs 18,39,825 was approved. Embassy Office Parks paid the amount on October 17, 2025.

With this, SEBI has closed the adjudication proceedings but retained the right to reopen the case if any misrepresentation or breach of settlement conditions is later identified.

The settlement order, was issued by Adjudicating Officer Jai Sebastian on November 17, 2025.