S&W flags non-disclosures by Embassy REIT, IPO-bound WeWork India in complaint to SEBI
Sterling & Wilson Renewable Energy Ltd (S&W), Embassy Office Parks REIT and WeWork India, India accused of not being able to explain material information to investors in separate complaints with the Stock Exchange Board (SEBI). Mint.
The allegations made on July 22 LaEmbassy Energy PVT LTD (EEPL) on a solar project 100 Crore payment dispute, a unit GYO unit. In 2023, a complaint led to an accusation picture filed by the Economic Crime Wing against his son Karan Virwani, who led Embassy Group supporters Jitendra and Wework India. S&W is now claiming that wework India’s first public offering at the Redning Prospectus earlier this year.
Separately, S&W also complained that they should be removed from Elcism REIT under the criteria of ‘appropriate and appropriate person’, given the ongoing investigation against Sebi on April 3. Jitendra Virwani is a non -executive president of Embassy office parks REIT. Karan Virwani is the director of GYO’s sponsor and the boards of executive organizations.
The lack of concealment of financial information that may have a significant impact on the securities or investor decisions of the company may violate seBI regulations. GYO in an IPO may potentially affect the decision of unit owners and potential investors.
S&W’s supporters Reliance New Energy Ltd (32.5%), Shapoorji Pallonji and Co Pvt Ltd (6.94%) and Daruvala family (6.3%).
Problem formation
The problem is formed at a 100 MW solar plant built by S&W in Karnataka, operated by Embassy Energy Pvt Ltd (EEPL), an embassy REIT unit.
The construction of the facility is contract with S&W by IL & FS Energy Development CO LTD as part of an arrangement that the latter will finance and build. EEPL would be interested in monthly installments equal to IL & FS Solar PVT LTD, a subsidiary of IL & FS Energy.
However, Il & FS Energy faced a financial crisis in 2018 and could not pay to S&W. Dues La100 Crore.
In his complaints, S&W said he stopped working on the site when the payments stopped. However, EEPL guaranteed payments to S&W if EEPL IL & FS Energy did not pay. IL & FS Group went bankrupt later that year.
When the EEPL did not pay the dues to S&W, the second took him to the bankruptcy court. The Bank of the National Company’s legal court decided in favor of EEPL, the Bengaluru Bank. Later, the S&W appealed to the decision of the National Company Law Court of the Law on Chennai. In 2023, the Appeal authority decided in favor of EEPL. S&W now carried the Supreme Court.
Allegations rejected
The Embassy Group rejected all the allegations regarding the non -payment of dues.
In response Mint The Embassy spokesman queries, EEPL wrote that he did not have to pay S&W contracted. “Embassy Energy, ILFS Solar and Ilfs Energy and Ilfs Energy and Ilfs Energy and Ilfs Energy and Ilfs Energy and Ilfs Energy and Ilfs Energy and Ilfs Energy and Ilfs Energy and Sterling Wilson. In fact, contracts will not have the right to make any claims against the embassy energy.
S&W also filed a complaint against EEW and Virwani Kin in March 2023. In November 2023, the agency accused against Virwanis and received the consciousness of the additional chief metropolitan magistrate crimes and called two people in the same month.
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EEPL filed a petition to break the Fir, waiting for the hearing with the Supreme Court of Embassy, Bombay. The Supreme Court of Bombay was also submitted to a revision petition against the peace judiciary, which was aware of the accusation of the magistrate’s judiciary.
The Embassy Spokesman Wework did not comment on the Questions about India.
