Embassy Office Parks REIT appoints Ritwik Bhattacharjee as interim CEO

Embassy Office Parks REIT on Thursday appointed Ritwik Bhattacharjee as its interim Chief Executive Officer (CEO) with immediate effect, following Sebi's order to suspend its CEO Arvind Maiya.

On Monday, Sebi ordered the suspension of Maiya as the CEO of the Embassy REIT manager firm Embassy Office Parks Management Services, and the appointment of an interim CEO with immediate effect.

Ritwik has been associated with the REIT since its listing and was a founding member of the team that helped list Embassy REIT in 2019.

He last held the position of Chief Investment Officer at Embassy REIT.

Before joining Embassy REIT, Ritwik spent over 12 years as an investment banker at global firms, including Nomura, Citi, UBS and JP Morgan.

Embassy REIT is India's first publicly listed Real Estate Investment Trust. It owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.

Embassy REIT's portfolio comprises 38.4 million square feet of completed operating area and is home to 260 of the world's leading companies.

Embassy Office Parks Management Services Pvt Ltd on Tuesday said that Maiya will step down from his post, following market regulator Sebi's direction to suspend him.

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 a Rs 50 lakh penalty on Maiya.