The Securities and Exchange Board of India (SEBI) has told the Bombay High Court that its examination of complaints concerning the "fit and proper" status of persons associated with Embassy Office Parks REIT was completed after the regulatory framework was amended in April 2026, and that the material available did not warrant disqualification under the amended provisions.
However, SEBI's affidavit does not specifically record whether Jitendra Virwand Karan Virwani were considered disqualified under the earlier regulatory framework between November 17, 2021, when the rule-based "fit and proper" criteria came into force, and April 16, 2026, when the relevant provisions were amended, despite the affidavit referring to criminal proceedings involving them during this period.
