In a significant development, DB Realty has witnessed the resignation of another independent director from its board. The real estate firm recently appointed Krishna Murari Goenka, the father of promoter Vinod Goenka, along with Usman Balwa, the father of former Managing Director Shahid Balwa, as new additional Directors on its governing body.
Michael McCook, who served as a non-executive Director, stepped down from the board last week. McCook had been on the board since June 28, 2008, representing the financial investor Bollywood Mauritius Holdings from Mauritius, which holds a 4.66% stake in DB Realty. The company confirmed the appointments of KM Goenka and Usman Balwa in an announcement made to the stock exchange on April 21.
Adding to the complexity of the situation, the Delhi Court denied bail requests on April 20 for five corporate executives, including Vinod Goenka of Swan Telecom, who has been identified by the CBI as one of the accused in the infamous 2G scam. Additionally, DB Realty’s former managing director, Shahid Balwa, is already incarcerated in Tihar Jail connected to the same 2G Spectrum case.