SEBI directs Embassy Office Parks to suspend CEO
The Hindu
SEBI suspends Aravind Maiya, CEO of Embassy REIT manager, appoints interim CEO, imposes penalty, and reviews NFRA order.
SEBI on Monday (November 4, 2024) ordered suspension of Aravind Maiya, the CEO of Embassy REIT manager firm Embassy Office Parks Management Services, and appoint an interim CEO with immediate effect.
SEBI's direction follows a National Financial Reporting Authority (NFRA) order that barred Maiya for 10 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate. It also imposed ₹50 lakh penalty on Maiya.
"The noticee [Embassy Office Parks] is directed to suspend Aravind Maiya from acting as its CEO and appoint an interim CEO with immediate effect, in compliance with applicable laws including 'fit and proper person' criteria, till further directions, or till the NFRA Order dated August 19, 2024 is stayed/set aside, whichever is earlier," Sebi said.
The direction will take effect immediately and will be in force until further orders.
In a regulatory filing, Embassy Office Parks REIT said, "While we are reviewing the order and evaluating all options, in compliance with SEBI's directive, effective immediately, Aravind Maiya will be stepping down as CEO of Embassy REIT." It added that Maiya would assume the role of head of strategy for Embassy REIT.
Embassy Office Parks Management Services Pvt Ltd (EOPMSPL) is the manager of Embassy Office Parks REIT, which was sponsored by Bengaluru-based realty firm Embassy Group and global investment firm Blackstone.
Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT).
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