Embassy developments Limited has provided an update to stock exchanges regarding proceedings before the National Company Law Appellate Tribunal (NCLAT) concerning its Corporate Insolvency Resolution Process (CIRP). The company filed the disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, following a scheduled hearing on April 24, 2026.

NCLAT Hearing Outcome

The matter was listed before the NCLAT Principal Bench in New Delhi on April 24, 2026. Following the conclusion of the hearing, the tribunal reserved its order while granting liberty to both parties to file short written submissions within one week.

Current Legal Status

The company confirmed that the impugned order passed by the National Company Law Tribunal (NCLT) admitting the Corporate Insolvency Resolution Process continues to remain stayed by the NCLAT. This stay order ensures that the NCLT directive remains inoperative, with all related proceedings suspended.

Embassy Developments emphasized its commitment to maintaining high governance standards and timely disclosure practices. The company stated it is providing this update in the interest of all stakeholders, even while the formal order recording the proceedings is awaited.

Operational Continuity

Despite the ongoing legal proceedings, Embassy Developments confirmed that it continues to remain fully operational and financially sound. The stayed NCLT order means that normal business operations are unaffected by the insolvency resolution process.

The company, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, maintains offices in Bengaluru, Mumbai, and its registered office in Gurugram. The disclosure was signed by Company Secretary Vikas Khandelwal and communicated to both BSE Limited and the National Stock Exchange of India Limited as part of regulatory compliance requirements.

Embassy developments Limited has granted stock options and performance stock units to eligible employees under its Employee Stock Option Scheme 2025. The company announced on April 24, 2026, that it has granted an aggregate of 2,63,863 stock options and 1,60,373 performance stock units in compliance with SEBI regulations.

Grant Details and Pricing Structure

The stock option grant comprises two distinct instruments with different pricing mechanisms and conversion terms. Each stock option is convertible into one equity share with a face value of INR 2.00 each, while performance stock units convert into equity shares based on achievement of performance parameters.

Vesting and Exercise Framework

The granted instruments follow distinct vesting schedules designed to align employee incentives with long-term company performance. Stock options will vest uniformly over a 4-year period with 25% vesting at the end of each year from the grant date. Performance stock units have a different structure, vesting upon meeting respective milestones anytime between year 3 and 4, with vesting percentage dependent on achievement against targets.

Exercise Timeline

Both vested stock options and performance stock units can be exercised within specific timeframes:

• Exercise Period: 5 years from respective vesting date
• Alternative Limit: 7 years from grant date
• Applicable Rule: Whichever period is earlier

Regulatory Compliance and Scheme Structure

The Embassy ESOS 2025 scheme operates in full compliance with SEBI (SBEB) Regulations, 2021. The scheme received necessary approvals from shareholders and obtained in-principle approvals from both National Stock Exchange of India Limited and BSE Limited. This regulatory framework ensures transparency and adherence to market standards for employee stock option schemes.

Performance-Linked Incentive Structure

The dual-instrument approach reflects a comprehensive employee incentive strategy. While stock options provide direct equity participation at a predetermined price, performance stock units create additional performance-driven rewards. The PSU structure ensures that the number of equity shares received depends on actual achievement against established targets, creating stronger alignment between employee rewards and company performance outcomes.