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DB Realty has said that its Board has accepted the resignation of Mr Sundaram Rajagopal as Director of the company with effect from March 21.
On March 5, the company accepted the resignation of Mr Shahid U. Balwa as Managing Director and also as Director from February 9 in view of “his preoccupation relating to certain investigations.”
Mr Balwa was arrested by the Central Bureau of Investigation in connection with the investigations pertaining to the grant of 2G licences in which former Telecom Minister, Mr A. Raja, had been arrested.
Mr Shahzaad Dalal and Mr Chandan Bhattacharya had relinquished their directorship during the last one month.
D B Realty said Mr Rajagopal Sundaram, Non-Executive Director, was appointed as a nominee of Lehman Bros pursuant to their investment in DB Realty prior to the IPO. Post his joining Starwood Capital, his current schedule and commitments do not permit him to continue to be on its board.
Following Mr Balwa's arrest, the company had stated that business would continue under Mr Vinod K. Goenka, Managing Director.
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