Embassy REIT chief Aravind Maiya steps down following SEBI directive; interim CEO to be appointed

Embassy Office Parks, India’s largest real estate investment trust (REIT), said on Tuesday that Aravind Maiya will be stepping down as CEO of Embassy REIT, effective immediately.

The decision comes shortly after Indian markets regulator SEBI directed Embassy Office Parks Management Services, the manager of Embassy REIT, to suspend Maiya in an interim order. The regulator also told Embassy on Monday to appoint an interim CEO with immediate effect.