Fifth board member quits DB Realty

Michael McCook has become the fifth director of DB Realty to quit the board in the aftermath of Central Bureau of Investigation's probe into the 2G Scam, in which the company's executives such as former managing director Shahid Balwa, managing director Vinod Goenka, chief financial officer (CFO) Asif Balwa  have allegedly played key roles.

McCook is senior advisors at Trikona Advisors, the former investment advisor of UK-based Trinity Capital, which holds a 4.66% stake in the company as on December 31, 2010.

Prior to McCook's resignation, Shahid Balwa quit as managing director of the company. Shahzad Dalal, vice-chairman, IL&FS Investment Managers; Sundaram Rajgopal, managing director, Starwood Capital, Chandan Bhattacharya, former MD of SBI, have quit as the directors of the company.

Meanwhile, DB Realty, today said that it has appointed Krishna Murari Goenka and Usman Balwa as additional directors of the company with effect from April 21.

Krishna Murari Goenka is the father of the company's promoter and managing director Vinod Goenka and Usman Balwa is the father of Shahid Balwa, promoter and former MD of DB Realty. Both Shahid and Vinod are in jail in connection with the 2G scam.

"Both of them (Goenka and Balwa) have vast experience, maturity and business knowledge, which will immensely benefit the company" it said.

Apart from the new appointments, the company has four directors now. They are, former IAS officer Karunchandra Srivastava, Mahesh Gandhi, Pravin Rathod and Vinod Goenka.