MUMBAI: The Bombay High Court has allowed the Securities and Exchange Board of India (SEBI) additional time to submit detailed affidavits concerning two writ petitions related to allegations against the sponsors and promoters of Embassy Office Parks REIT.
During the hearing, SEBI informed the Court that it has already reviewed the representation underlying the first petition, reached a conclusion, and will provide a detailed affidavit with its reasoning. The regulator indicated that its findings are unlikely to favor the petitioner’s requests.
Representing SEBI, Senior Advocate Shiraz Rustomjee stated that the regulator has made a decision on the representation that forms the basis of the first writ petition filed by Chayan Upadhyay. He mentioned that SEBI will elaborate on the rationale behind its decision in an upcoming affidavit.
Regarding the second writ petition by Shashank Garg, SEBI noted that it raises issues similar to those in the first petition. However, the regulator emphasized that it needs to independently review each new representation, consult relevant departments, and assess if regulatory action is necessary before finalizing its position for the Court.
SEBI also argued that recent amendments to the regulatory framework concerning the “fit and proper person” criteria could affect the issues raised in the first petition. The regulator indicated that the petition relies on provisions that have been modified, a point it will address in its affidavit.
The High Court remarked that SEBI’s stance cannot merely be communicated through internal reports and instructed the regulator to file a reasoned affidavit detailing its decision.
During the session, the second petition was referenced, noting the petitioner began submitting representations to SEBI in September 2025 and purchased units of Embassy Office Parks REIT in December 2025.
A Division Bench comprising Justice R.I. Chagla and Justice Farhan Dubash has mandated SEBI to submit its affidavits for both matters by August 27, 2026. The petitioners have until September 4, 2026, to file their responses, while other respondents may submit their replies within the same timeframe. The case is scheduled for further discussion on September 9, 2026, at 1:00 p.m.
The petitions involve allegations related to the sponsors and promoters of Embassy Office Parks REIT and seek directions for regulatory actions according to the SEBI framework governing Real Estate Investment Trusts. The Court intends to review SEBI’s affidavits alongside the parties’ responses during the next hearing.
