MD's jailing won't impact operations: D B Realty

Real estate company D B Realty today said its managing director Vinod Goenka not getting bail in the 2G spectrum scam will not have any impact on company's operations.

It further said that it was in the process of inviting new directors on the company's board.

"It is unfortunate that the bail plea of Vinod Goenka has been rejected by the lower court. We have immense faith in our judicial system and are confident that justice will prevail," D B Realty Group Director (Business, Strategy and Finance) N Shridhar said in a statement.

A Delhi Court today 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. Following court order, all the five executives were arrested by the CBI and taken to Tihar Jail in the national capital.

Swan Telecom (Etisalat DB) is a joint venture between DB Realty and UAE-based Etisalat.

DB Realty's former managing director Shahid Balwa is already in Tihar jail in the 2G spectrum case.

Shridhar noted that D B Realty has no direct or indirect shareholding in the telecom business and the realty projects would be executed as per schedule. The company is working on more than 30 projects, mostly in Maharashtra.

"We would like to state that these developments will not affect the operations of DB Realty in any manner whatsoever. There is no direct or indirect shareholding of DB Realty in the telecom business and the company will continue its business in the normal course," he said.

"All the projects of DB Realty Limited will continue to be executed as per schedule. The company is also in the process of inviting new directors to strengthen the board," Shridhar said.