Rejection of executive’s bail plea ‘unfortunate’: DB Realty

Rejection of executive’s bail plea ‘unfortunate’: DB Realty

Mumbai: Indian real estate developer DB Realty said a move by a court to reject the bail plea of its managing director in a telecom graft trial was “unfortunate," but added that it did not affect the company’s operations.

“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," the company said in a statement.

DB, whose parent firm has a telecom joint venture with UAE’s Etisalat, also said it was in the process of inviting new directors to its board.

Former telecom minister Andimuthu Raja, three telecom firms and six business executives have been charged with manipulating the grant of telecom licences and radio airwaves in 2007-08 that a state auditor said could have caused the government a loss of $39 billion in revenue.