Embassy REIT Appoints Ritwik Bhattacharjee as Interim Chief Executive Officer Following Sebi Suspension

Embassy Office Parks REIT has named Ritwik Bhattacharjee as its interim CEO, effective immediately. This decision comes after the Securities and Exchange Board of India (SEBI) ordered the suspension of Arvind Maiya from his CEO position at Embassy Office Parks Management Services. SEBI's directive was issued on Monday, requiring an immediate appointment of an interim CEO.

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Embassy REIT's Portfolio and Reach

Embassy REIT, India's first publicly listed Real Estate Investment Trust, manages a vast portfolio. It includes 51.1 million square feet across 14 office parks located in Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai. The portfolio features 38.4 million square feet of completed operational space, hosting 260 leading global companies.

Ritwik Bhattacharjee's Background

Ritwik Bhattacharjee has been with Embassy REIT since its inception and played a crucial role in its 2019 listing. His most recent role was Chief Investment Officer at Embassy REIT. Before joining the company, he spent over 12 years in investment banking with global firms such as Nomura, Citi, UBS, and JP Morgan.

SEBI's Action Against Arvind Maiya

The suspension of Arvind Maiya follows a National Financial Reporting Authority (NFRA) order. The NFRA barred Maiya for ten years from auditing financial statements or internal audits for any company or corporate body. Additionally, a penalty of Rs 50 lakh was imposed on him.

Embassy Office Parks Management Services Pvt Ltd confirmed on Tuesday that Maiya would step down following SEBI's directive. The swift appointment of Bhattacharjee aims to ensure continuity in leadership and operations at Embassy REIT during this transition period.