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Mr Shahzaad Dalal, Vice-Chairman of IL&FS Investment Managers Ltd, has resigned as an independent director of DB Realty. Mr Dalal was said to have joined the realty company's board in 2007.
On Tuesday, Mr Shahid Balwa, Managing Director of DB Realty, was arrested by the Central Bureau of Investigation in connection with the alleged financial irregularities in the 2G spectrum allocation in which the investigating agency had charged former Telecom Minister Mr A. Raja of having favoured companies including Swan Telecom (now Etisalat DB). Mr Balwa is Vice-Chairman of Etisalat DB.
In a statement to the stock exchange on Friday, DB Realty said “Mr. Shahzaad Dalal has resigned as director of the company with effect from February 01, 2011, in order to implement IL&FS Group policies on independent directorships.”
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