Balwa innocent, claims DB Realty

February 9th, 2011 - 3:38 pm ICT by IANS  

Mumbai, 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.

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