DB Realty, the Mumbai-based realty firm whose co-promoter Shahid Balwa is behind bars for his alleged involvement in the 2G spectrum scam, on Monday informed the BSE that Sundaram Rajgopal, a director with the company, has resigned.
Rajgopal, who also heads India operations of private equity firm Starwood Capital, had resigned from the board on March 21. DB Realty accepted the resignation on Monday.
Industry insiders point out that Starwood Capital had plans to invest in DB Realty's Bandra project. However, now it appears that the deal is not happening. This seems to be the main reason for Rajgopal's exit.
Rajgopal is the fourth executive to resign DB Realty following the investigations by the CBI in the scam. DB Realty's stock on Monday plummeted by 14% to close at a 52-week low of Rs 83.4.