Embassy REIT Denies Sterling Wilson Claims

Mumbai, Sep 9 (PTI) Embassy Real Estate Infrastructure Trust (REIT) on Tuesday termed Sterling Wilson's claims of non-payment of dues as frivolous and false.

In an exchange filing, the REIT said the claims were made by Sterling Wilson since 2018 form a part of "a pattern of vexatious litigation" in an attempt to exert undue pressure.

"The claims made by Sterling Wilson since 2018 - well before the initial public offering of Embassy REIT ("IPO") and before Embassy-Energy Private Limited ("Embassy Energy" or "EEPL"), a special purpose vehicle of Embassy REIT, became part of it - relating to the alleged non-payment of Rs 100 crores by EEPL, are entirely frivolous and false," it said.

These claims have been dismissed by both the National Company Law Tribunal, Bengaluru Bench and the National Company Law Appellate Tribunal, Chennai Bench on the basis that there was no contractual relationship between EEPL and SWPL and no payment was owed by EEPL, it added.

Sterling Wilson, which is going to various authorities, is indulging in "forum shopping", the REIT said.

It can be noted that Sterling Wilson approached SEBI with the complaints against the REIT earlier this year.