Shahid Balwa the Managing Director of DB Realty Limited has been wrongly implicated in the investigations pertaining to the grant of 2G licenses and has been arrested by the CBI on the night of February 8, 2011 in that context. We reiterate that neither Mr. Balwa nor any person / entity forming part of the DB Group has done anything inappropriate or illegal. Mr. Balwa will be strongly contesting the proceedings. He has immense faith in our judiciary and judicial system and is confident that ultimately the truth will prevail and Mr. Balwa will stand vindicated.
We would also like to state that these developments will not affect the functioning of DB Realty Limited in any manner whatsoever. DB Realty Limited will continue its business in the normal course under Managing Director, Mr Vinod Goenka along with the top tier team under the guidance of its Board. We assure all our stakeholders that their interest in the Company will be protected.
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