Embassy REIT Refutes Sterling Wilson's Non-Payment Claims

Mumbai, Sep 9 (PTI) Embassy Real Estate Infrastructure Trust (REIT) has firmly refuted Sterling Wilson's claims of non-payment of dues, terming them as frivolous and false. In an exchange filing, the REIT stated that these claims, which have been ongoing since 2018, are part of a pattern of vexatious litigation intended to exert undue pressure.

The claims made by Sterling Wilson since 2018, well before the initial public offering (IPO) of Embassy REIT and before Embassy-Energy Private Limited (Embassy Energy or EEPL) became part of it, relate to the alleged non-payment of Rs 100 crores by EEPL. Embassy REIT has emphasized that these claims are entirely frivolous and false.

These claims have been dismissed by both the National Company Law Tribunal (NCLT) in Bengaluru and the National Company Law Appellate Tribunal (NCLAT) in Chennai. The rulings were based on the fact that there was no contractual relationship between EEPL and Sterling Wilson, and no payment was owed by EEPL.

Sterling Wilson's persistent approach to various authorities is seen as 'forum shopping,' according to the REIT. It is worth noting that Sterling Wilson had approached the Securities and Exchange Board of India (SEBI) with these complaints earlier this year.

Embassy REIT, a leading real estate investment trust in India, has a significant portfolio of commercial properties and is known for its high-quality assets. The trust's robust legal stance and the dismissal of these claims by multiple judicial bodies underscore its commitment to transparency and compliance.

Despite the ongoing legal battles, Embassy REIT continues to focus on its growth strategies and maintaining the trust of its investors. The REIT's management has expressed confidence in their legal position and the integrity of their operations.

For investors and stakeholders, this development provides clarity and reassurance regarding the trust's financial health and legal standing. The REIT's strong legal defense and the judicial dismissals of these claims should help to mitigate any concerns and maintain investor confidence in the long term.

In conclusion, Embassy REIT's decisive response to Sterling Wilson's claims demonstrates the trust's commitment to upholding its reputation and the interests of its stakeholders. The legal dismissals and the REIT's transparent communication are crucial steps in maintaining the trust's position in the Indian real estate market.