Shahid Balwa, the managing director of real estate group DB Realty and vice chairman of telecom JV Etisalat DB, has resigned from the company almost a month after he was arrested on allegations of wrongdoing in the 2G scam scandal.
In a notice to the…
Shahid Balwa, the managing director of real estate group DB Realty and vice chairman of telecom JV Etisalat DB, has resigned from the company almost a month after he was arrested on allegations of wrongdoing in the 2G scam scandal.
In a notice to the Bombay Stock Exchange, DB Realty’s board said it accepted his resignation on 9 February. It said that it had also accepted the resignation of Chandan Bhattacharya, director of DB Realty, on February 18.
In early February, India’s Central Bureau of Investigation (CBI) said that Etisalat DB, a JV between UAE-based Etisalat and India’s DB Group, benefited from the 2G scam scandal.
A few days later, Balwa was arrested and remained in judicial custody until 3 March.
Former telecom minister A. Raja has also been arrested but his custody has been extended until 17 March.
Raja stepped down in November last year following allegations of favouritism in the allocations of underpriced 2G spectrum to telecom operators more than two years ago, which reportedly cost the government US$40bn.
