Embassy REIT CEO Maiya to step down

PTI New Delhi: Aravind Maiya, the CEO of Embassy Office Parks Management Services that manages Embassy REIT, will step down from his post following market regulator Sebi's direction to suspend him and appoint an interim CEO immediately. 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 Rs 50 lakh penalty on Maiya. Embassy Office Parks Management Services Pvt Ltd (EOPMSPL) is the manager of Embassy Office Parks REIT, which was sponsored by Bengalurubased realty firm Embassy Group and global investment firm Blackstone. Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT). In a regulatory filing on Tuesday, Embassy Of fice Parks REIT said, "While we are reviewing the order and evaluating all options, in compliance with SEBI's directive, e f - fective immediately, Aravind Maiya will be stepping down as CEO of Embassy REIT." He will assume the role of Head of Strategy for Embassy REIT.

The REIT's Board, and the management team will oversee all its operations and capital allocation to ensure that normal business is not compromised in any manner whatsoever, while evaluating the most appropriate approach for the interim CEO position, it added. "Our focus remains on upholding the highest standards in governance and ensuring the continued success of Embassy REIT," the filing said.