Embassy Office Parks REIT has appointed Ritwik Bhattacharjee as its interim Chief Executive Officer (CEO) with immediate effect, following an order from Sebi to suspend the current CEO, Arvind Maiya.
On Monday, Sebi issued an order for Maiya’s suspension as the CEO of Embassy REIT’s managing firm, Embassy Office Parks Management Services, and mandated the appointment of an interim CEO.
Ritwik has worked at Embassy REIT since its founding and was a key member of the group that led to the company’s 2019 listing. Chief Investment Officer was the most recent role he held.
Most recently, he was the company’s chief investment officer. Ritwik had a prosperous 12-year career in investment banking before to joining Embassy REIT, working for multinational companies like Nomura, Citi, UBS, and JP Morgan.
The first publicly traded real estate investment trust in India, Embassy REIT, owns and manages a portfolio totaling 51.1 million square feet spread across 14 office parks across Chennai, Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). 260 top international corporations call the 38.4 million square feet of completed operational space in the REIT’s portfolio home.
Embassy Office Parks Management Services confirmed on Tuesday that Maiya will step down from his position in compliance with Sebi’s directive.
Sebi’s decision follows an order from the National Financial Reporting Authority (NFRA), which banned Maiya for 10 years from conducting audits of financial statements or internal audits for any company or corporate body. He was also fined Rs 50 lakh.
