sebi:WTM/AB/DDHS/DDHS-SEC-1/30954/2024-25
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Facts / Headnote
Interim directions issued holding the CEO disqualified under fit and proper criteria; directions to take effect immediately and remain in force until further orders.
Provisions invoked
- s. 11
- s. 19
- s. 100
- s. 132
Regulations
- Reg. 4
- Reg. 6
- Reg. 17
- Reg. 2
- Reg. 4(2)(j)
- Reg. 7(c)
Parties
- Embassy Office Parks Management Services Private Limited
Holding
EOPMSPL as Manager of Embassy REIT was required to ensure its CEO Mr. Aravind Maiya satisfied the fit and proper person criteria, and the NFRA debarment order dated August 19, 2024 disqualified him, requiring replacement within 30 days of it becoming effective.
Full text
Interim Order in the matter of Embassy Office Parks Management Services Private Limited Page 2 of 27 the misuse and diversion of CDEL’s funds through its subsidiaries for the benefit of promoter group entities.
Interim Order in the matter of Embassy Office Parks Management Services Private Limited Page 3 of 27 quality of professions associated with ensuring compliance with such standards.
Interim Order in the matter of Embassy Office Parks Management Services Private Limited Page 4 of 27 “Based on the proceedings under section 132 (4) of the Companies Act 2013 and after giving the Auditors an opportunity to present their case in person, we found the Audit Firm and its partners, who performed the audit as EP and EQCR, guilty of professional misconduct. Thus, this Order imposes a monetary penalty of Rs ten crores upon M/s BSR & Associates LLP; Rs fifty lakhs upon CA Aravind Maiya; and Rs twenty-five lakhs upon CA Amit Somani. In addition, CA Aravind Maiya is debarred for a period of ten years and CA Amit Somani is debarred for a period of five years, from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate. This Order will be effective after 30 days from its issuance.”
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Source: SecMarx — sebi:WTM/AB/DDHS/DDHS-SEC-1/30954/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.