Embassy REIT Unitholder Flags Disclosure Issues, Seeks SEBI Review

A Unitholder of Embassy Office Parks REIT has approached the Securities and Exchange Board of India (SEBI), alleging delays and inconsistencies in disclosures related to criminal proceedings involving the REIT’s sponsor and promoters, as reported by Mint.

The representation, filed on August 17 on behalf of Unitholder Suresh Tibrewal, also questions the role of Axis Trustee Services, the REIT’s trustee, in reviewing the disclosures. The Unitholder alleges that information concerning proceedings involving Embassy Property Developments and promoters Jitendra Mohandas Virwani and Karan Jitendra Virwani was not disclosed correctly or on time. It has sought regulatory action and scrutiny of disclosures made in documents linked to about Rs 14,750 crore raised through private placements of non-convertible debentures and commercial paper between 2023 and 2025.

Embassy Group has rejected the allegations, calling them legally untenable and part of a campaign against the group. It said courts had considered similar matters and denied any adverse findings.

SEBI has not adjudicated the allegations.