MUMBAI: In a first of its kind order that can have implications for auditors, Sebi on Monday asked Embassy Office Parks Management Services, which manages Embassy REITs, to immediately suspend its CEO Aravind Maiya for failing to meet its “fit &proper” criteria for top executives.

In a regulatory filing, Embassy Office Parks REIT said, "While we are reviewing the order and evaluating all options, in compliance with SEBI's directive, effective immediately, Aravind Maiya will be stepping down as CEO of Embassy REIT." It added that Maiya would assume the role of head of strategy for Embassy REIT.

Sebi has directed the immediate suspension of Aravind Maiya, CEO of Embassy Office Parks, following a NFRA order barring him from audits.

SEBI directed Embassy Office Parks Management Services, the manager of Embassy REIT to suspend Aravind Maiya from acting as CEO since he did not meet the 'fit and proper' criteria for the position

Sebi also issued a show cause notice to the company, seeking its response on why an enquiry should not be initiated against it and penalty not be imposed.