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In a recent development, Embassy Office Parks REIT, India’s largest real estate investment trust, announced that its CEO, Aravind Maiya, will be stepping down from his position, effective immediately. This move follows an interim order by the Securities and Exchange Board of India (SEBI), which directed Embassy Office Parks Management Services, the managing entity of Embassy REIT, to suspend Maiya.
On Monday, SEBI issued an order requiring Embassy to appoint an interim CEO without delay, marking a significant regulatory intervention. The precise reasons for the suspension were not disclosed, but the decision reflects SEBI’s heightened scrutiny of management practices within India’s real estate sector. Embassy Office Parks REIT has stated that it is actively working to comply with the order by initiating the search for an interim leader.
The Embassy REIT portfolio includes prominent commercial properties, encompassing major office parks in major cities across India. Established in partnership with global investment firm Blackstone, Embassy REIT has been instrumental in shaping India’s commercial real estate landscape.
Sources By Agencies
