Investor Moves Bombay HC Over Alleged Disclosure Gaps In Embassy REIT IPO; Company Denies Allegations

Last Updated:November 08, 2025, 20:45 IST

Ritesh Agarwal has named the Securities and Exchange Board of India (SEBI) and several Book Running Lead Managers (BRLMs) as respondents

The investor has alleged in the HC that Embassy Office Parks REIT and its related entities made selective and incomplete disclosures in connection with the company’s Initial Public Offering (IPO). (File photo)

An investor has knocked on the doors of the Bombay High Court, alleging that Embassy Office Parks REIT and its related entities made selective and incomplete disclosures in connection with the company’s Initial Public Offering (IPO).

In his petition, Ritesh Agarwal has named the Securities and Exchange Board of India (SEBI) and several Book Running Lead Managers (BRLMs) as respondents, claiming they did not ensure compliance with SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018.

The plea cites earlier complaints filed by Sterling and Wilson Renewable Energy Ltd to SEBI regarding alleged non-disclosures by Embassy REIT. Agarwal contends that although SEBI published these complaints on its website, the annexures and supporting documents were omitted, thereby withholding vital information from investors.

Embassy REIT has strongly refuted the allegations, asserting that all disclosures were complete and made in accordance with applicable laws and regulations.

In its reply dated October 22, 2025, the company clarified that its statements pertain solely to Embassy REIT and not to WeWork India Management Ltd., which is also named in the petition.

The company further noted that while a prosecution complaint has been filed by the Enforcement Directorate (ED), no chargesheet exists, and some related proceedings remain pending before various courts, including the Bombay High Court.

It also emphasised that the “fit and proper person" criteria under SEBI’s Intermediaries Regulations—invoked by the petitioner—are themselves under judicial review.

Ananya Bhatnagar

Ananya Bhatnagar, Correspondent at CNN-News18, reports on various legal issues and cases in lower courts and the Delhi High Court. He has covered the hanging of the Nirbhaya gang-rape convicts, JNU violence, De...Read More

Ananya Bhatnagar, Correspondent at CNN-News18, reports on various legal issues and cases in lower courts and the Delhi High Court. He has covered the hanging of the Nirbhaya gang-rape convicts, JNU violence, De...

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News india Investor Moves Bombay HC Over Alleged Disclosure Gaps In Embassy REIT IPO; Company Denies Allegations

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