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DB Realty has said that recent developments concerning the company would not affect its operations. Mr Shahid U. Balwa, Managing Director of the real estate company resigned in March, following his arrest by the CBI in connection with the investigations pertaining to the grant of 2G licences in which former Telecom Minister, Mr A. Raja, was arrested. Mr Vinod Goenka, who took over the reins, was also picked up by the central agency in connection with the 2G scam. His bail application has since been rejected by court.
Mr N. Shridhar, Group Director (Business, Strategy and Finance), DB Realty, said “the company has a very strong top management team with accomplished professionals working across all verticals like projects, construction, sales, marketing and finance. All projects would continue to be executed as per schedule. The company is also in the process of inviting new directors to strengthen the board. “It is unfortunate that the bail plea of Mr Vinod Goenka has been rejected by the lower court, we have immense faith in our judicial system and are confident that justice will prevail.”
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