DB Realty Ltd has accepted the resignation of its managing director and director of the company Shahid Balwa with effect from 9 February 2011
DB Realty Ltd today said that it has accepted the resignation of its managing director and director of the company Shahid Balwa with effect from 9 February 2011.
"The Board of Directors of the company on 5 March 2011 has noted and accepted the resignation of Shahid U Balwa, as managing director and also as director of the company in view of his preoccupations relating to certain investigations as per his letter of the same date," DB Realty said in a filing to the Bombay Stock Exchange (BSE).
The CBI had arrested Dynamix Balwas (DB) group managing director Shahid Usman Balwa in connection with the 2G spectrum allocation scam on 8th February.
"The company continues its business in the normal course under managing director Vinod K Goenka with the guidance of the board," the filing added.
On Monday, DB Realty ended 3.74% down at Rs113.25 on the BSE, while the benchmark Sensex declined 1.43% to 18,222.67.
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