Mumbai, July 30 -- The Bombay High Court has granted Securities and Exchange Board of India (SEBI) time to file detailed affidavits in two writ petitions concerning allegations against the Sponsor and promoters of Embassy Office Parks REIT.

During the hearing, SEBI informed the Court that it had already examined the representation forming the basis of the first petition, arrived at a decision, and would place its reasons on record through a reasoned affidavit. The regulator also indicated that its decision was unlikely to support the relief sought by the petitioner.

Appearing for SEBI, Senior Advocate Shiraz Rustomjee submitted that the regulator had already taken a decision on the representation forming the basis of the first writ peti...