Balwa innocent, claims DB Realty
February 9th, 2011 - 3:38 pm ICT by IANSMumbai, Feb 9 (IANS) A day after its managing director Shahid Balwa was arrested, DB Realty Ltd Wednesday said he had been “wrongly implicated” in the 2G scam.”We reiterate that neither Balwa nor any person or entity forming part of the DB Group has done anything illegal or inappropriate,” the company said stressing that he would be “strongly contesting the proceedings” against him.
Balwa was put in two-day transit remand of the Central Bureau of Investigation (CBI) by a Mumbai court Wednesday morning and taken to New Delhi for a court hearing.
The CBI nabbed him for alleged involvement in the scam - related to irregularities in the allocation of second generation (2G) spectrum to telecom companies.
The company spokesperson also clarified that these developments would not affect the functioning of DB Realty, which would continue as usual under its managing director Vinod Goenkar and that stakeholders’ interests would be protected.
Established in the early 1970s, DB Realty Ltd is the flagship company of Dynamix Balwas Group.
DB Realty Ltd is a strongly capitalised company with a net worth of Rs.3,210 crore as of Dec 31, 2010 holding adequate resources to implement all its ongoing projects.
Till date, the Group has developed more than 14.40 million square feet of real estate in different parts of the country.
This includes 13.75 million square feet residential, 0.37 million square feet commercial and retail, and 0.27 million square feet hospitality, besides another 61 million square feet in different sectors in ongoing and upcoming projects.
- Balwa taken to Delhi, company says 'wrongly implicated' (Second Lead) - Feb 09, 2011
- Balwa to appear before Delhi court Thursday (Third Lead) - Feb 09, 2011
- 2G scam: Kusegoan officials question CBI charges (Lead) - Aug 16, 2011
- 2G scam: CBI gets transit custody of Shahid Balwa - Feb 09, 2011
- 2G case: No bail for Balwas, Rajiv Aggarwal (Lead) - May 24, 2011
- 2G scam: Pawar denies links with Shahid Balwa - Feb 11, 2011
- CBI giving final touches to spectrum supplementary chargesheet - Apr 19, 2011
- Etisalat sues Indian joint venture partners for fraud - Feb 23, 2012
- Names of Raja's wife, Batcha figure in CBI chargesheet (Lead) - Apr 26, 2011
- 2G case: Court notice to government on property attachment - Feb 22, 2012
- DMK high level committee to meet tomorrow - Apr 26, 2011
- 2G scam: CBI arrests two more - Mar 29, 2011
- Key points of order denying bail to Kanimozhi, Sharad Kumar - Jun 08, 2011
- Kanimozhi, Sharad Kumar's bail pleas dismissed (Second Lead) - Jun 08, 2011
- Anil Ambani meets CBI to clarify issues relating to telecom matters - Feb 16, 2011
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