Description
BSE circular containing clarifications from Embassy Developments Ltd. and UPL Limited regarding news articles about their business activities and price movements.
Summary
BSE issued a circular containing clarifications from two listed companies regarding news articles. Embassy Developments Ltd. (Scrip Code: 532832) clarified a news article about its expansion into Mumbai Metropolitan Region with three residential projects having GDV exceeding ₹12,000 crore. The company confirmed it had already disclosed this information via press release on January 20, 2026, and stated that scrip price movement appears driven by market factors with no undisclosed information. UPL Limited (Scrip Code: 512070) clarified a news article about a meeting between its Chairman & Group CEO and Karnataka Minister at the World Economic Forum in Davos, confirming it was an informal discussion with no agreements signed or material information requiring stock exchange disclosure.
Key Points
- Embassy Developments Ltd. clarified news about Mumbai expansion with ₹12,000+ crore GDV projects
- Press release was already disclosed to NSE (15:50:01) and BSE (15:53:47) on January 20, 2026 under Regulation 30
- Embassy stated scrip price movement appears driven by market factors with no undisclosed material information
- UPL Limited’s Chairman Jai Shroff attended 56th WEF Annual Meeting in Davos (3,000 leaders from 130 countries)
- Meeting with Karnataka Minister MB Patil was informal on WEF sidelines with no negotiation or agreement signed
- UPL confirmed discussions were about Karnataka government’s expectations to scale operations and improve farm productivity
- UPL clarified no material information requiring stock exchange announcement was involved
Regulatory Changes
No regulatory changes introduced. This circular demonstrates ongoing compliance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, requiring clarifications on news articles that may impact scrip prices.
Compliance Requirements
- Listed companies must provide clarifications to stock exchanges when news articles appear that may impact their securities
- Companies must disclose material information under Regulation 30 of SEBI LODR Regulations
- Companies should clarify whether news articles contain undisclosed material information or if price movements are due to market factors
- Press releases with material information must be disclosed to stock exchanges promptly
Important Dates
- January 20, 2026: Embassy Developments press release disclosed to NSE (15:50:01) and BSE (15:53:47)
- January 20, 2026: Clarification letters submitted by both companies
- January 21, 2026: BSE circular issued
Impact Assessment
Market Impact: Low - These are routine clarifications confirming that disclosed information is already public or that meetings did not result in material commitments. Embassy Developments confirmed its Mumbai expansion announcement was properly disclosed. UPL clarified that the Davos meeting was exploratory with no binding agreements.
Investor Impact: Low - No new material information disclosed. Investors can be assured that Embassy’s price movement was related to properly disclosed expansion plans, and UPL’s international engagements are routine business development activities without immediate material impact.
Operational Impact: None - No operational changes required. Both companies demonstrated compliance with disclosure requirements and transparency in addressing market speculation.
Impact Justification
Routine clarifications on news articles as required under Regulation 30. Embassy Developments clarifies scrip price movement related to Mumbai expansion announcement. UPL clarifies informal meeting at WEF Davos with no material commitments. No regulatory changes or compliance actions required.