Following the CBI arrest of Mr Shahid Balwa, Managing Director of DB Realty, on Tuesday evening, the company in a statement today said he had been wrongly implicated in the investigations pertaining to the grant of 2G licences.
The CBI produced Mr Balwa before the Special Sessions Court here on Wednesday seeking his transit remand stating that he was required for interrogation as former Telecom Minister Mr A Raja had favoured companies such as Swan Telecom now called Etisalat DB.
Mr Balwa is Vice-Chairman of Etisalat DB. The court granted CBI two days' custody of the accused.
The markets reacted sharply to the development and the DB scrip on BSE was 5.87 per cent down at Rs 129.05 on Wednesday. On March 31, 2010, the scrip was at Rs 540.10.