Canara Bank has appealed before the Supreme Court of India against an order dated May 4, 2026, passed by the National Company Law Appellate Tribunal (NCLAT) in favor of Embassy Developments Limited . The appeal relates to proceedings concerning the Corporate Insolvency Resolution Process (CIRP).

The Supreme Court has listed the matter for hearing on September 24, 2026. Embassy Developments disclosed that no interim order, stay, or other interim relief has been granted against the NCLAT order. Consequently, the tribunal’s decision remains in force pending the final adjudication by the apex court.

Legal Status and Implications

Embassy Developments stated that it does not expect any financial implications or claims arising from this matter based on its present status. The company affirmed its confidence in its legal stand and its commitment to upholding strong governance standards to protect stakeholder interests.

The listed entity intends to take appropriate legal steps under applicable law to defend its interests and those of its shareholders. This development follows earlier intimations by the company regarding the CIRP proceedings, including a disclosure dated May 4, 2026.

Embassy Developments Limited (formerly Equinox India Developments Limited) has notified the BSE and NSE that its Register of Members and Share Transfer Books will remain closed from Wednesday, September 2, 2026 to Tuesday, September 8, 2026 (both days inclusive) for annual closing in connection with its 20th Annual General Meeting (AGM).

The company confirmed that the AGM will be held on Tuesday, September 8, 2026, at 11:30 am IST through Video Conferencing (VC) / Other Audio-Visual Means (OAVM), without physical presence of members. The proceedings will be deemed conducted at the company's registered office in Gurugram.

AGM Key Details

Voting and Participation

Members whose names appear in the Register of Members as on Tuesday, September 1, 2026 (the cut-off date) are entitled to vote. Remote e-voting is available from September 5, 2026 (10:00 am) to September 7, 2026 (5:00 pm).

The company has provided separate e-voting links for different member categories:

• Individual Members (NSDL): https://www.evoting.nsdl.com/
• Individual Members (CDSL): https://www.cdslindia.com/
• Non-Individual Members / Physical Shareholders: https://evoting.kfintech.com

Once a vote is cast via remote e-voting, it cannot be modified. Members who have voted remotely may attend the AGM via VC/OAVM but cannot vote again. The Insta-Poll facility will also be available during the AGM for those who have not voted remotely.

AGM Agenda

The AGM comprises six resolutions — two ordinary business items and four special business items:

• Item 1 (Ordinary): Adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with reports of the Board of Directors and Auditors.
• Item 2 (Ordinary): Re-appointment of Mr. Jitendra Virwani (DIN: 00027674), Chairman & Non-Executive Director, who retires by rotation.
• Item 3 (Ordinary): Approval of remuneration of ₹3.00 lakh (plus applicable taxes and reimbursement of out-of-pocket expenses) payable to M/s. Gurvinder Chopra & Co., Cost Accountants (Firm Registration No. 100260), as Cost Auditors for FY 2026-27.
• Item 4 (Special): Approval for revision in remuneration of Mr. Rajesh Kaimal (DIN: 03158687), CFO & Executive Director, with effect from December 1, 2025.
• Item 5 (Ordinary): Appointment of Mr. Neel Virwani as "Chief Business Officer" — a Senior Management Personnel (SMP) — with effect from October 1, 2026.
• Item 6 (Special): Preferential issue of warrants to a promoter group entity.

Preferential Issue of Warrants

The Board has proposed a preferential issue of 3,25,18,900 unlisted warrants, each convertible into one fully paid-up equity share of face value ₹2 each, to Embassy Property Developments Private Limited, a member of the promoter group.

The exercise price of ₹111.51 per warrant represents a premium of approximately 80% over the applicable regulatory floor price of ₹61.45, determined in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The proceeds are proposed to be utilised primarily for repayment and/or prepayment of debt (up to ₹3,50,00,00,000) and general corporate purposes (up to ₹12,61,82,539).

CAREE Ratings Limited has been appointed as the monitoring agency for the issue, given that the issue size exceeds ₹100 crore.

CFO Remuneration Revision

The AGM seeks shareholder approval for a revision in the fixed remuneration of Mr. Rajesh Kaimal, CFO & Executive Director, effective December 1, 2025. The revised gross remuneration stands at ₹44.12 lakh per month, compared to ₹28.71 lakh per month applicable from April to November 2025 (post a 10% annual increment effective April 1, 2025). The total remuneration received during FY 2025-26 was ₹552.99 lakh, within the maximum entitlement of ₹789.17 lakh under the original resolution passed at the EGM held on March 25, 2025.

Appointment of Chief Business Officer

The Board has approved the appointment of Mr. Neel Virwani, aged approximately 27 years and a member of the promoter group, as Chief Business Officer — a Senior Management Personnel — effective October 1, 2026, subject to member approval. His proposed total monthly remuneration, including target Performance Based Variable Pay (PBVP), is ₹45.58 lakh, with an equivalent annualised maximum remuneration of approximately ₹546.96 lakh (₹5.47 crore). Being a promoter group member, Mr. Neel Virwani is not eligible for equity-linked incentive schemes.

FY 2025-26 Performance Highlights

The AGM Notice and Annual Report disclose the following key operational and financial metrics for FY 2025-26:

The consolidated financial statements for FY 2025-26 reflect total income of ₹19,051.21 million and a consolidated loss after tax of ₹8,724.75 million. The standalone total income was ₹5,263.66 million with a standalone loss after tax of ₹2,830.66 million.

Document Access

Copies of the AGM Notice and Annual Report for FY 2025-26 are available on the company's website at www.embassyindia.com , the websites of BSE Limited and National Stock Exchange of India Limited, and the RTA website at https://evoting.kfintech.com . Members holding shares in physical form or those without registered email IDs can obtain login credentials by submitting Form ISR-1 to KFin Technologies Limited.