Description

BSE circular containing clarifications from Embassy Developments Ltd. and UPL Limited regarding news articles about their business activities and market movements.

Summary

BSE circular dated January 21, 2026 containing clarifications from two companies - Embassy Developments Ltd. (Scrip Code: 532832) and UPL Limited (Scrip Code: 512070) - regarding news articles published about their business activities. Embassy Developments clarified the timing of their press release about Mumbai Metropolitan Region expansion projects worth ₹12,000 Crore and addressed scrip price movement. UPL Limited clarified that their Chairman & Group CEO’s meeting with Karnataka Minister at Davos WEF was informal with no agreements signed.

Key Points

  • Embassy Developments Ltd. released press release on January 20, 2026 about expansion into Mumbai Metropolitan Region with three residential projects worth over ₹12,000 Crore
  • Press release was disclosed to stock exchanges (NSE at 15:50:01 and BSE at 15:53:47 on January 20, 2026) in compliance with Regulation 30 of SEBI LODR Regulations
  • Embassy Developments stated they are not aware of any event explaining scrip price movement, attributing it to market factors
  • UPL’s Chairman & Group CEO Jai Shroff attended 56th World Economic Forum Annual Meeting in Davos, Switzerland
  • UPL clarified that meeting with Karnataka Minister MB Patil was on sidelines of WEF with no negotiation or agreement signed
  • Discussions centered around Karnataka government’s expectations for UPL to scale up operations to improve farm productivity
  • UPL confirmed no information required announcement to stock exchanges

Regulatory Changes

No regulatory changes introduced in this circular.

Compliance Requirements

  • Companies must provide clarifications on news articles as per SEBI LODR Regulations
  • Press releases containing material information must be disclosed to stock exchanges under Regulation 30 read with Schedule III of SEBI LODR Regulations
  • Companies must clarify unusual price movements when queried by exchanges

Important Dates

  • January 20, 2026: Embassy Developments press release disclosed to NSE (15:50:01) and BSE (15:53:47)
  • January 20, 2026: Date of news articles requiring clarification
  • January 20, 2026: UPL received queries from BSE (Reference: L/SURV/ONL/RV/SG/(2025-2026)/138) and NSE (Reference: NSE/CM/Surveillance/16351)

Impact Assessment

Minimal market impact. These are routine clarifications required by exchanges to ensure transparency and prevent misinformation. Embassy Developments’ clarification confirms proper disclosure procedures were followed for their Mumbai expansion announcement. UPL’s clarification prevents speculation about potential agreements with Karnataka government. Both clarifications maintain market integrity by addressing news items and price movements in a timely manner as per regulatory obligations.

Impact Justification

Routine clarifications on news articles as per regulatory requirements. Embassy Developments clarified scrip price movement and disclosed press release about Mumbai projects. UPL clarified CEO's attendance at WEF meeting with Karnataka Minister without any binding agreements.