Etisalat guilty of wrongful act; DB Realty out of trouble

Real estate developer DB Realty today said it has no stake in Etisalat DB and its promoters invested in the telecom company in individual capacities.

It further said that DB Realty will not have any financial impact due to the exit of UAE-based Etisalat from India operations.

Yesterday, Etisalat had announced shutting of its India operations following the Supreme Court order cancelling telecom licenses allocated to Etisalat DB and others.

"DB Realty is in the business of real estate development and has no direct or indirect share holding in Etisalat DB.

The promoters of DB Realty in their individual capacity invested in Etisalat DB," DB Realty said in a statement.

The Mumbai-based developer said DB Realty and Etisalat DB are separate entities.

"Etisalat