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Embassy Developments Wins Kadugodi Land Dispute
15 May
Summary
- Karnataka High Court quashed KIADB order to resume land.
- Embassy Developments retains 78 acres in Kadugodi, Bengaluru.
- Land is key for a business park project and R&D campus.
Embassy Developments has secured approximately 78 acres of land in Bengaluru's Kadugodi Industrial Area. The Karnataka High Court has overturned a Karnataka Industrial Areas Development Board (KIADB) order that aimed to resume the parcel of land, which is held by its subsidiary, Embassy East Business Park Limited (EEBPL).
This favorable court decision allows EEBPL to maintain lawful possession of the land, clearing the path for its planned business park project in East Bengaluru. The site is also slated for a semiconductor-related research and development campus, with prior agreements with Lam Research for a portion of the land.
The company views this as a significant legal affirmation, following a separate ruling from the National Company Law Appellate Tribunal (NCLAT) that quashed insolvency proceedings against Embassy Developments on May 4. Managing Director Aditya Virwani emphasized the company's commitment to governance and transparency following the court's decision.
