The Central Bureau of Investigation on Tuesday night arrested Dynamix Balwas group managing director Shahid Usman Balwa in connection with the 2G spectrum allocation scam.
Mumbai and Pune hotel projects put on hold for now.
Managing Director Vinod Goenka says the company is not looking at restructuring.
Nationalist Congress Party chief and Agriculture Minister Sharad Pawar's claims about not being acquainted with DB Realty and Swan Telecom promoter Shahid Balwa are false, according to a senior Bharatiya Janata Party leader from Maharashtra.
The Enforcement Directorate is examining a request from the Central Bureau of Investigation asking it to attach properties of DB Realty worth over Rs 200 crore of DB Group under the stringent Prevention of Money Laundering Act.
DB Reality and Swan Telecom promoter Shahid Usman Balwa was on Friday sent to Tihar Jail by court and remain in under judicial custody till March 3.
A Delhi court on Tuesday dismissed the bail pleas of Swan Telecom promoter Shahid Usman Balwa, his cousin Asif Balwa and their associate Rajeev Agarwal in the 2G spectrum allocation case.
The Central Bureau of Investigation on Wednesday summoned 2G scam accused Shahid Balwa for questioning with regards to audio recordings of purported conversation between its prosecutor A K Singh and another accused Unitech Managing Director Sanjay Chandra on the case
Shahid Balwa and Vinod Goenka, the promoters of DB Realty, have a common background -- both are college drop-outs and came from families that, directly or indirectly, dealt in real estate.
DB Realty Ltd is taking aggressive steps to come out of the shadows of the second generation telecom spectrum scam.
DB Realty claims its business is going as usual. It is developing 13 projects, which will add 20 million sq ft in the next four years.
Under the long-term passive infrastructure sharing agreement, Etisalat DB, a joint venture between Etisalat and Dynamix Balwas Group and its subsidiary, would outsource their telecom infrastructure requirements for the 15 telecom circles, the company said in a statement.
Piyush Goyal, treasurer of Bhartiya Janata party and noted charted accountant, has confirmed that he did advise D B Realty -- a Shahid Balwa company, one of the prime accused in 2G spectrum scam -- for raising equity by going to the public.
Shahid U Balwa, one of the promoters of the leading real estate company, DB Realty, as well as the controversial Swan Telecom (now Etilisat DB Telecom), has been questioned by the Central Bureau of Investigation.
Tech Mahindra on Monday pipped IT giants Wipro and IBM to bag a Rs 2,000 crore (Rs 20 billion) outsourcing deal spread over 10 years from new telecom player Etisalat DB, which is in the process starting mobile services in India.
Telecom firms floated by DB Realty and Unitech have been identified by the CBI's prosecutor as having been given preferential treatment in the award of licences by former communications minister A Raja.
High court orders Swan Telecom's promoter Shahid Balwa, the director of Kusegaon Fruits and Vegetables, Rajeev Agarwal, and three firms, namely Dynamic Realty, DB Realty, and Nihar Constructions to plant 3,000 trees each in the Delhi's South Ridge forest area.
The flight carrying senior Bharatiya Janata Party leaders which developed a mysterious snag in New Delhi on Monday was reportedly registered with a subsidiary of the DB group, owned by Shahid Balwa and Vinod Goenka, whose alleged role in the 2G spectrum is being probed by the Central Bureau of Investigation.
The UAE-based Emirates Telecommunication Corporation (Etisalat) on Thursday filed a petition against Shahid Balwa and Vinod Goenka, promoters of the beleaguered Swan Telecom, for "fraud and misrepresentation".
The special court hearing the 2G case on Monday reserved the bail order for the 17 accused in the case, including Dravida Munnettra Kazhagam Member of Parliament Kanimozhi, till November 3.
There's an undercurrent of fear in business circles these days
Swan Telecom promoter Shahid Balwa, who along with former Telecom Minister A Raja and 17 others are facing a money laundering case arising out of the 2G scam, on Friday moved the Supreme Court seeking setting aside of a lower court order of framing charges against him.
Tamil Nadu Chief Minister M Karunanidhi's daughter Kanimozhi was on Thursday questioned by Income Tax authorities for nearly 90 minutes about the Rs 200 crore transaction from Shahid Balwa-owned DB Realty to Kalaignar TV, in which she holds a minority stake. The 43-year-old Member of Parliament appeared after summons were issued by the department, as a Delhi court probing the 2G spectrum allocation exempted her from personal experience.
The Central Bureau of India on Saturday told a special court in New Delhi that Rs 200 crore connected with 2G spectrum allocation scam has travelled from a partnership firm of Shahid Usman Balwa to Kalaignar TV Pvt Ltd whose owners include Tamil Nadu Chief Minister M Karunanidhi's wife Dayaluamma.
Money laundering is punishable under the provisions of PMLA.
During the arguments on the bail pleas, ED had argued that the accused had committed the offence of money laundering punishable under provisions of PMLA.
The managing director of Kalaignar TV Sharad Kumar was on Monday questioned by the Central Bureau of Investigation in connection with the 2G spectrum allocation scam. Kumar was called by the investigators in New Delhi at CBI headquarters with regard to some issues related to the Rs 214 crore received by the channel from Cineyug and the role of Shahid Balwa promoted DB Realty in it. Kumar, is a minority stake holder in the channel.
Somesh Jha describes the mood at Patiala House courtroom and outside on Thursday during the 2G spectrum case verdict.
Former Telecom Minister A Raja, Dravid Munnetra Kazagham MP Kanimozhi and seven others, chargesheeted by the Enforcement Directorate in a 2G scam-related money laundering case, were on Wednesday granted bail by a special Central Bureau of Investigation court.
Former telecom minister A Raja, Dravida Munnetra Kazhagam MP Kanimozhi and 17 others were on Friday chargesheeted by the Enforcement Directorate in a special court in connection with a money-laundering case relating to the 2G spectrum allocation scam in which the party-run Kalaignar TV was allegedly paid Rs 200 crore by the promoters of Swan Telecom.
He allegedly advanced the cut-off date to favour accused firms in allocation of 2G licences.
The BSE Realty Index is on a downhill journey.
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