<p>"The Board of Directors of the company on March 5, 2011 has noted and accepted the resignation of Shahid U Balwa, as Managing Director and also as director of the company in view of his preoccupations relating to certain investigations as per his letter of the same date," DB Realty said in a filing to the Bombay Stock Exchange.<br /><br />The CBI had arrested Dynamix Balwas (DB) group Managing Director Shahid Usman Balwa in connection with the 2G spectrum allocation scam on February 8.<br /><br />"The company continues its business in the normal course under Managing Director Vinod K Goenka with the guidance of the board," the filing added.<br /><br />DB Realty added that it has also accepted the resignation of its another Director Chandan Bhattacharya with effect from February 18, 2011.<br /><br />Reacting to the announcement, shares of real-estate company DB Realty declined by 15 per cent to a record low of Rs 100 apiece on BSE.</p>
<p>"The Board of Directors of the company on March 5, 2011 has noted and accepted the resignation of Shahid U Balwa, as Managing Director and also as director of the company in view of his preoccupations relating to certain investigations as per his letter of the same date," DB Realty said in a filing to the Bombay Stock Exchange.<br /><br />The CBI had arrested Dynamix Balwas (DB) group Managing Director Shahid Usman Balwa in connection with the 2G spectrum allocation scam on February 8.<br /><br />"The company continues its business in the normal course under Managing Director Vinod K Goenka with the guidance of the board," the filing added.<br /><br />DB Realty added that it has also accepted the resignation of its another Director Chandan Bhattacharya with effect from February 18, 2011.<br /><br />Reacting to the announcement, shares of real-estate company DB Realty declined by 15 per cent to a record low of Rs 100 apiece on BSE.</p>