Shahid Usman Balwa, whose name came in media when he was linked to 2G scam, has resigned as the Managing Director and Director of the DB Realty. The Real estate company, DB Realty announced that it has accepted the resignation of Balwa.

The resignation is in effect from February 9, 2011. DB Realty said in a filing at Bombay Stock Exchange, "The Board of Directors of the company on March 5, 2011 has noted and accepted the resignation of Shahid U Balwa, as Managing Director and also as director of the company in view of his preoccupations relating to certain investigations as per his letter of the same date."

Balwa is currently in CBI custody. CBI arrested him because of his suspicious role in 2G spectrum allotment on February, 8 this year.

In its filing company said that DB Realty will continue its normal working and will operate promptly under Managing Director Vinod K Goenka with supervision of the board of directors.

In its filing, DB Realty also revealed that company's one more Director, Chandan Bhattacharya has also resigned. Company said in the filing that it has accepted resignation of Bhattacharya also. Share prices of DB Realty fell 10% touching a record low of Rs 100 on BSE.