A unitholder of Embassy Office Parks REIT has approached the Securities and Exchange Board of India (SEBI) alleging repeated and delayed disclosure of criminal proceedings involving the REIT's sponsor and promoters. According to reports from ANI, the representation dated August 17, 2026, was filed on behalf of unitholder Suresh Tibrewal through Sigma Chambers, Advocates and Solicitors. The complaint seeks regulatory and criminal action against Embassy REIT, its manager and trustee, alleging that material information concerning criminal proceedings involving Embassy Property Developments Pvt Ltd (EPDPL), the sponsor of Embassy REIT, and its promoters Jitendra Mohandas Virwani and Karan Jitendra Virwani was either not disclosed in time or was inaccurately disclosed.
As reported by ANI, the unitholder has alleged that material information concerning pending criminal proceedings was not adequately reflected in documents issued to investors. According to the representation, Embassy REIT raised approximately ₹14,750 crore through private placements of non-convertible debentures and commercial paper in 2023, 2024 and 2025. The complaint specifically questions the role of Axis Trustee Services Ltd, the trustee of Embassy REIT, alleging it failed to exercise adequate independent oversight and did not ensure timely correction of the alleged disclosure discrepancies.
According to the representation reported by ANI, a key issue relates to a CBI case in Hyderabad. The representation states that a criminal petition filed by EPDPL and Jitendra Virwani, under which an interim stay had earlier been granted, was withdrawn on January 7, 2022, resulting in the stay being vacated. The unitholder alleges that Embassy REIT continued to state in its half-yearly and annual reports for several years that the interim stay was operating, with the position being subsequently corrected in the Annual Report for 2025 after a gap of about four years. The representation also points to what it describes as inconsistencies between statements that there were no pending proceedings against the issuer for economic offences and references to pending CBI and Enforcement Directorate proceedings concerning the same underlying matter.
As reported by ANI, Embassy Group has strongly rejected the allegations, describing the latest representation as a 'recycled and legally untenable attempt' by persons it alleged were acting at the behest of Sterling & Wilson to target and discredit Embassy Group and its promoters. The group termed the allegations baseless and said the representation was part of a broader campaign against it. Embassy Group said substantially similar allegations involving Embassy-associated businesses had already been considered by judicial forums, referring to the WeWork India matter before the Bombay High Court, where petitions were dismissed, costs were imposed, and the court questioned the bona fides of the petitioners. The group also defended the governance record of Embassy REIT, saying it had consistently delivered on governance, transparency and performance since its listing.
The unitholder has specifically questioned the role of Axis Trustee Services Ltd, the trustee of Embassy REIT, alleging it failed to exercise adequate independent oversight and did not ensure timely correction of the alleged disclosure discrepancies. According to the representation, SEBI had emphasised in a SEBI order dated April 29, 2026, that a trustee has an active and continuing duty to ensure timely disclosures and that its oversight responsibility is not merely reactive. The representation has also sought details of the basis on which the trustee concluded that Jitendra Virwani and Karan Jitendra Virwani continued to meet the regulatory 'fit and proper person' criteria. The unitholder has additionally sought scrutiny of the practising company secretary who certified the Annual Secretarial Compliance Reports for 2023, 2024 and 2025 and recorded no compliance deviations, questioning how such certifications were made despite the alleged disclosure lapses.
