This follows a SEBI order on November 4 directing Embassy REIT to suspend Aravind Maiya from his role as Chief Executive Officer (CEO) and to appoint an interim CEO.
Embassy REIT has appointed Ritwik Bhattacharjee as its interim CEO, according to a regulatory filing on November 7. Bhattacharjee, formerly the Chief Investment Officer, has been with Embassy REIT since its listing, playing a key role as a founding member of the team that took Embassy REIT public in 2019. Prior to joining Embassy REIT, he spent over 12 years in investment banking with global firms such as Nomura, Citi, UBS, and JPMorgan, where he managed numerous REIT and real estate capital market transactions in New York and Singapore.
This appointment follows a SEBI order dated November 4 that directed Embassy REIT to suspend Aravind Maiya from his position as CEO and appoint an interim CEO. The order noted that Maiya was barred by the National Financial Reporting Authority (NFRA) for the maximum permissible period due to serious lapses, and SEBI cited his gross negligence in connection with securities market fraud at Coffee Day Enterprises Ltd (CDEL).
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