Key Management Changes

The Board of Directors at its meeting held on October 9, 2026 (commenced at 03:15 PM, concluded at 04:10 PM) approved the following changes:

  • Resignation of Mr. Sachin Shah: Ceases as 'CEO & Executive Director' effective close of business hours on December 31, 2026. He will remain associated with the Company and Embassy Group as Senior Advisor to the Chairman and the Managing Director & CEO effective January 1, 2027.
  • Redesignation of Mr. Aditya Virwani (DIN: 00027674): From Managing Director to "Managing Director & CEO" effective January 1, 2027, for the remainder of his existing term until February 24, 2030, on existing terms and conditions.

Rationale for Leadership Changes

The Board noted that FY 2025-26 was a year of strong execution and record performance under the leadership of Mr. Aditya Virwani and guidance of Mr. Jitendra Virwani. The Company entered FY 2026-27 with a robust pipeline of 11 projects across Bengaluru, Mumbai, and its initial pilot in the National Capital Region. The redesignation aims to ensure continuity, stability of leadership, seamless transition, and strengthen strategic alignment, decision-making, and execution.

Director Profile and Relationships

Mr. Aditya Virwani is the Managing Director of Embassy Group and the Company, and serves on the board of the manager of Embassy Office Parks REIT. He played a key role in the successful launch of Embassy Office Parks REIT, India's first listed REIT. He is the son of Mr. Jitendra Virwani, Chairman and Non-Executive Director of the Company, and is not related to any other Director. He is not debarred from holding the office of Director by virtue of any SEBI order or other authority.

Resignation Letter Details

Mr. Sachin Shah's resignation letter states his decision is "a natural progression and part of the succession plan" planned with Mr. Jitendra Virwani and Mr. Aditya Virwani. He noted the Company is on track to achieve ₹8000 crores in pre-sales this year and expressed confidence in Mr. Aditya Virwani's leadership. Mr. Shah joined as Executive Director/CEO of erstwhile Indiabulls Real Estate Limited (IBREL) in February 2023 during a management change period and helped stabilize the company before its merger completion in January 2025.