Top executives of DB Realty invited 120 residents of MIG Colony in Bandra (East) at an upscale hotel in Mumbai for dinner last Sunday and reassured them about the company's ability to undertake redevelopment of their five-acre society.In the middle of a crisis, DB Realty is trying to put up a brave front. Three of its executives, including former MD Shahid Balwa, were arrested by the Central Bureau of Investigation for their role in the 2G spectrum scam, and four independent directors quit the company in quick succession.
However, it is Vinod Goenka, the MD, who is running the show with the support of a freshly put-together management team.
On April 2, Goenka was chargesheeted by the CBI.
In all, nine individuals and three companies have been chargesheeted in the case so far.
''Since Balwa stepped down, Goenka has been driving the company. He has experience of 15-20 years in the industry and delivered 14-15 million sq ft in the last eight years,'' said CFO M Sridhar, who was nominated by Goenka to brief Business Standard.
The management team at DB includes a couple of expats such as Giampaolo Giardina and Clive Gray, the heads of project management and design, respectively, and Sridhar.
All of them joined the company in the last three to four months.
There are 30-40 executives, including Rajendra Chourse, head of compliance, and a project manager for every project.
Sridhar says, like any other fast-growing firm, DB Realty has been trying to corporatise, build an organisation and processes, which can sustain it in the long run.
''In the last few months, we have infused new talent, brought in a manager from Deloitte to secure company's cash flows and an IIM graduate for business development), and are putting in structures and governance," said Sridhar, who joined DB from Future Capital.
DB Realty, however, claims its business is going as usual. It is developing 13 projects, which will add 20 million sq ft in the next four years.
Ten of them are under construction.
Barring one in Pune, all of them are in Mumbai.
It will hand over a 54-storey premium project in Goregaon by the year-end and, despite its crisis, signed in a new project (MIG colony, Bandra) to develop 900,000 sq ft that will cost Rs. 600 crore (Rs. 6 billion).
Luckily,
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