Embassy REIT CEO Steps Down Amid Sebi and NFRA Rulings

Aravind Maiya, CEO of Embassy Office Parks Management Services, resigns following SEBI’s directive amid NFRA's order. Maiya is barred from audits for 10 years due to financial discrepancies. Embassy REIT appoints interim CEO. The decision aims to uphold governance standards and ensure business continuity.

Aravind Maiya, the CEO of Embassy Office Parks Management Services, part of Embassy REIT, is stepping down following a directive from the Securities and Exchange Board of India (Sebi) to appoint an interim CEO. This order follows a ruling from the National Financial Reporting Authority (NFRA) barring Maiya from auditing for the next 10 years due to past financial lapses.

In compliance with Sebi's directive, announced in a recent regulatory filing, Embassy REIT stated that Maiya will now serve as the Head of Strategy. The board and management are tasked with ensuring business operations and capital allocation continue smoothly while evaluating potential candidates for the interim CEO role.

The NFRA's sanctions are linked to Maiya's role in auditing discrepancies at Coffee Day Enterprises during the 2018-19 financial period. The Sebi has expressed concerns about Embassy Office Parks' compliance with the prerequisites under its ''fit and proper person'' criteria and issued a 27-page interim order detailing the necessary actions to rectify ongoing compliance issues.

(With inputs from agencies.)