DB Realty appoints fathers of promoters as additional directors

Real estate firm DB Realty has announced the appointment of fathers of its promoters Shahid Balwa and Vinod Goenka.

Real estate firm DB Realty has announced the appointment of fathers of its promoters Shahid Balwa and Vinod Goenka who have been arrested in the 2G telecom scam case as additional directors,and said it would soon induct new independent directors on board.

The company,however,said that Vinod Goenka continues to be the companys managing director. The company has appointed Krishna Murari Goenka (father of Vinod Goenka) and Usman Balwa (father of Shahid Balwa) as additional directors of the company with effect from April 21, it said in a statement.

It noted that they have been chosen,considering their vast experience,maturity and business knowledge which would immensely benefit the firm.

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Moreover,the company will shortly be inducting new independent directors on the board as well, the statement said. Promoters Goenka and Balwa were arrested after a Delhi court denied them bail in the 2G spectrum scam case. Balwa was the founder of Swan Telecom which has telecom licence but is now under scrutiny. Goenka was also a director in Swan Telecom (now Etisalat DB),which a is joint venture between D B Group and UAE-based Etisalat.

In a filing to the Bombay Stock Exchange the company also said that Michael McCook has resigned from the directorship of the company. Before McCook,four directors had resigned Shahid Balwa,Shahzaad Dalal from IL&FS,Chandan Bhattacharya and Sundaram Rajagopal.