Embassy Group on Friday said the Securities and Exchange Board of India’s (Sebi’s) position before the Bombay High Court had weakened the allegations levelled against it by Sterling & Wilson and other petitioners.

The statement came after Sebi informed the court that it had examined the representation underlying the first of two writ petitions concerning the sponsor and promoters of Embassy Office Parks REIT and arrived at a decision. The regulator indicated that its decision was unlikely to support the relief sought by the petitioner and said it would explain its reasons in an affidavit.

Embassy alleged that the petitions were part of a coordinated attempt to recycle substantially similar charges across different forums after no substantive finding had been secured against it. It also questioned the bona fides of a petitioner who, according to the statement, began submitting complaints in September 2025 but acquired 10 units of the REIT only in December.

“This chronology raises serious questions” about whether the investment was made to establish standing for further litigation, a spokesperson of Embassy REIT said.

Embassy also argued that amendments to Sebi’s Intermediaries Regulations and provisions allowing administrative withdrawal of proceedings affected by the changes supported its position that the allegations lacked a sustainable regulatory basis.

The Bombay High Court has directed Sebi to file reasoned affidavits in both petitions by August 27. The petitioners may file rejoinders by September 4, and the matters will be heard next on September 9.

Embassy said its record on governance, transparency and performance since the REIT’s listing stood in contrast to the allegations being made against it.