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Embassy Real Estate Infrastructure Trust (REIT) has strongly refuted allegations by Sterling Wilson over alleged unpaid dues, describing them as frivolous and part of a long-standing pattern of litigation. The REIT stated that claims made since 2018, including the alleged INR 100 crore non-payment by Embassy Energy, had already been dismissed by tribunals due to lack of contractual ties. Sterling Wilson has also approached SEBI earlier this year with similar complaints.
Embassy Real Estate Infrastructure Trust (REIT) has rejected allegations raised by Sterling Wilson over alleged unpaid dues, describing the claims as frivolous and false. In a filing to the exchanges earlier this week, the REIT remarked that Sterling Wilson had been making such claims since 2018 as part of what it termed a pattern of vexatious litigation, intended to exert undue pressure on the entity. Advertisement
The REIT clarified that the allegations related to an alleged non-payment of INR 100 crore by Embassy-Energy Private Limited (EEPL), a special purpose vehicle under Embassy REIT. It stressed that these claims were raised even before its initial public offering and before EEPL became part of the trust. The REIT underlined that the allegations had no merit and were entirely baseless.
According to the disclosure, both the National Company Law Tribunal, Bengaluru Bench, and the National Company Law Appellate Tribunal, Chennai Bench, had previously dismissed Sterling Wilson's claims. The tribunal concluded that there was no contractual relationship between EEPL and Sterling Wilson Private Limited, and therefore, no payment obligation existed.
The REIT further noted that Sterling Wilson had continued to pursue the matter with different authorities, a move it referred to as forum shopping. It was also highlighted that Sterling Wilson had taken the complaint to SEBI earlier this year.
Source - PTI
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