IL&FS Investment Managers Vice-President Shahzaad Dalal has resigned from the board of DB Realty, now in deep waters after the arrest of its Managing Director Shahid Balwa in connection to the 2G spectrum scam.
"Shahzaad Dalal has resigned as director of the company with effect from February 1, 2011 in order to implement IL&FS Group policies on independent Directorships," DB Realty said in a communique to the Bombay Stock Exchange (BSE).
Balwa was recently arrested by the CBI as he ignored its summon two occassions in connection with his alleged role in the 2G spectrum scam.
Dalal had served as the chief executive officer of IL&FS' Asset Management Strategic Business Unit before moving to IL&FS Investment Managers.
A bachelors' degree holder in Commerce from the Bombay University, Dalal also holds masters degree in Business Administration from Northeast Louisiana University in the US. He has 26 years of financial markets and investment experience.
