Fathers of Balwa, Goenka join DB Realty board; stock down

MUMBAI: One more independent director of DB Realty has resigned from the board of the company even as the real estate firm inducted Krishna Murari Goenka, father of promoter Vinod Goenka, and Usman Balwa, father of promoter and erstwhile managing director Shahid Balwa, as additional directors.

At 10:16 am, shares of DB Realty were trading 0.67% down at Rs 103.80 on the Bombay Stock Exchange.

Michael McCook, who resigned from the board last week, was a non-executive director. He was on the board since June 28, 2008 as a nominee director of financial investor Bollywood Mauritius Holdings, Mauritius. Bollywood Mauritius holds 4.66% stake in DB Realty. KM Goenka and Usman Balwa have been appointed on the board with effect from April 21, the company said in a notice to the stock exchanges.

A Delhi Court had on April 20 rejected the bail pleas of five corporate executives, including Swan Telecom Director Vinod Goenka, named by CBI as one of accused in the 2G scam. DB Realty's former managing director Shahid Balwa is already in Tihar jail in the 2G spectrum case.