Exit of board members continues at the Mumbai-based DB Realty.
Michael McCook has become the fifth director to quit the board in the aftermath of Central Bureau of Investigation's probe into the 2G spectrum scam, in which the company's top executives — former managing director Shahid Balwa, managing director Vinod Goenka and chief financial officer (CFO) Asif Balwa — were arrested.
McCook is senior advisor at Trikona Advisors, which was the former investment advisor of the UK-based Trinity Capital. Trinity holds 4.66 per cent stake in the company as on December 31.
Shahid Balwa was the first to quit as the managing director, followed by Shahzaad Dalal, vice-chairman, IL&FS Investment Managers; Sundaram Rajagopal, managing director, Starwood Capital and Chandan Bhattacharya, former MD of SBI as the directors of the company.
Meanwhile, DB Realty, on Monday said it had appointed Krishna Murari Goenka and Usman Balwa as additional directors of the company with effect from April 21. Krishna Murari Goenka is the father of the company's promoter and managing director Vinod Goenka and Usman Balwa is the father of Shahid Balwa, promoter and former MD of DB Realty.
"Both have vast experience, maturity and business knowledge, which will immensely benefit the company," the company said. The other four directors of the company are former IAS officer Karunchandra Srivastava, Mahesh Gandhi, Pravin Rathod and Vinod Goenka.