DB Realty Chairman resigns; Shahid Balwa new Vice Chairman & MD

D B Realty, an accused in the 2G spectrum allocation scam, on Saturday said its Chairman K M Goenka has resigned from the company, and it has appointed Shahid Balwa as Vice Chairman and Managing Director.

Last Updated: Dec 10, 2011, 22:44 PM IST

New Delhi: D B Realty, an accused in the 2G spectrum allocation scam, on Saturday said its Chairman K M Goenka has resigned from the company, and it has appointed Shahid Balwa as Vice Chairman and Managing Director.
     
"K M Goenka has stepped down as non-executive Chairman and Director and in his place Vinod Goenka, who is presently a Managing Director has been appointed as executive Chairman and Managing Director of the company," D B Realty said in a filing to the Bombay Stock Exchange.
     
K M Goenka was appointed as chairman in May this year.
     
Besides, Usman Balwa has stepped down as a Director and in his place Shahid Balwa has been appointed as an Additional Director, it added.
     
"Shahid Balwa has also been appointed as Vice Chairman and Managing Director of the company," D B Realty said.
     
An accused in the 2G spectrum allocation scam, Shahid Usman Balwa was in jail after his arrest on February 8. He was granted bail on November 29.
     
Shahid Balwa was earlier the Managing Director of the firm till February 8, while Usman Balwa came on board from April 21.
     
Besides, the company's board also re-designated its Chief Financial Officer Asif Balwa as the Group Director (Finance) with effect from December 10, 2011.
     
"The board has also approved appointment of Vijay Sajjanhar as the new Chief Financial Officer," the filing said.
     
The company also appointed Jayvardhan Goenka and Salim Balwa as Additional Directors (non-independent), it added.
     
"On account of change in directorship as above, the board has also reconstituted various committees formed under clause 49 of the Listing Agreement," D B Realty said.

PTI