Feb 12, 2013, 07.21 PM | Source: Moneycontrol.com

CBI-Unitech plot pulls in Shahid Balwa, DB Realty tanks 20%

Mumbai-based real estate firm DB Realty crashed as much as 20 percent intraday on Tuesday as Network18 reports that CBI sources said company's promoter Shahid Balwa was also likely to be questioned along with AK Singh and Sanjay Chandra in 2G case.

Moneycontrol Bureau

Mumbai-based real estate firm DB Realty crashed as much as 20 percent intraday Tuesday on reports that the company's promoter Shahid Balwa may be questioned about the alleged proximity between 2G spectrum case prosecutor AK Singh and Unitech boss Shahid Balwa.  

Shahid Balwa (also a promoter of Swan Telecom, which later on sold out) was arrested by the Central Bureau of Investigation (CBI) in 2G spectrum case in February 2011. A special CBI court later granted bail to him in November 2011.

Network 18 has learnt from sources that the CBI's own prosecutor (AK Singh) is suspected of aiding Unitech ( Stock crashed after this news ) MD Sanjay Chandra, one of the accused in the 2G case. Sources say CBI is in possession of an audio recording of a conversation, which the agency believes has taken place between its prosecutor AK Singh and Chandra and which has a mention of DB Realty's Balwa.

CNN IBN has accessed a preliminary enquiry (PE) registered by the CBI on February 6 which states that Singh who represented the CBI in the 2G case has allegedly colluded with the accused Sanjay Chandra, MD of Unitech.

The CBI preliminary enquiry says Singh shared the strategy of the CBI prosecution and even advised the accused Sanjay Chandra how to defend himself in the case.

Meanwhile, Unitech, in a statement, has denied that managing director Sanjay Chandra had any involvement in the alleged backroom negotiations.

At 13:52 hours IST, shares lost 17.34 percent to Rs 102 amid large volumes on Bombay Stock Exchange.

Trading volumes jumped 16 times to 47,74,664 equity shares as against five-day average of 2,98,736 shares.

Disclaimer: Network18 cannot independently verify the authenticity of the conversation on the audio tape.

DB Realty stock price

On November 27, 2015, DB Realty closed at Rs 53.30, down Rs 0.3, or 0.56 percent. The 52-week high of the share was Rs 98.00 and the 52-week low was Rs 47.20.

The latest book value of the company is Rs 137.74 per share. At current value, the price-to-book value of the company was 0.39.

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