S&W flags non-disclosures by Embassy Reit, We Work India

The allegations made on 22 July stem from a ₹100 crore payment dispute over a solar project involving EEPL

- Nehal Chaliawala

S&W Renewable Energy has accused Embassy Reit and WeWork India of failing to disclose crucial information about criminal charges against its promoters. This stems from a financial dispute over a solar project, prompting legal actions against both companies, while Embassy denies the allegations.

Sterling & Wilson Renewable Energy Ltd (S&W) has accused Embassy Office Parks Reit and WeWork India of failing to disclose material information to investors, in separate complaints filed with the Securities and Exchange Board of India (Sebi), according to documents reviewed by Mint.

The allegations made on 22 July stem from a ₹100 crore payment dispute over a solar project involving Embassy Energy Pvt Ltd (EEPL), a unit of Embassy Reit. A complaint had led to a chargesheet filed by the Economic Offences Wing in 2023 against Embassy Group promoters Jitendra and his son Karan Virwani, who also lead WeWork India.