Shahid Balwa

Shahid Balwa
Born Gujarat, India
Residence Mumbai
Nationality Indian
Occupation Promoter, DB Group[1] & Managing Director, DB Group
Website www.dbrealty.co.in

Shahid Usman Balwa (born 1974) is an entrepreneur based in Mumbai, Maharashtra, India.[2] He is one of the promoters of Mumbai-based DB Group. Arrested in 2011, he was granted bail for his alleged role in 2G spectrum case. On the 21 December 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.[3]

Early and personal life

Balwa comes from the Chilya Sunni Muslim community, and his forefathers were from Gujarat.[4]

Career

Balwa dropped out of college and entered the family's hotel business.[5] His father, Usman, started Balwa's restaurant at Marines Lines and Balwa's Hotel at Mumbai Central. He partnered with billionaire real estate developer Vinod Goenka to form DB Realty in 2006. In a few years, the construction company claimed to have 21,000,000 square feet (2,000,000 m2) of saleable area in ongoing projects and another 40,000,000 square feet (3,700,000 m2) in upcoming projects.

Forbes billionaire

In 2010, Balwa was the youngest Indian to feature on the Forbes List and is amongst the 10 youngest billionaires in the world.[6][7] He was ranked by Forbes as India's 50th richest man in 2010.[8][4][9]

Arrest, bail and subsequent acquittal

Balwa was arrested for his role in the 2G spectrum case by the CBI on 9 February 2011 on the allegation that DB group transferred ₹2 billion to a media company owned by members of DMK party.[10] Former Telecom minister A. Raja allegedly helped Swan bag licences for 13 circles, including Mumbai and Delhi, for ₹15.37 billion.[11][12] DB realty is one among the companies that purchased 2G licenses in 2008. DB Reality floated Swan Telecom.[13] The CBI also arrested two executives on 29 March 2011 including the brother of Balwa, Asif Balwa.[14][15] A Delhi high-court on 29 November 2011 accepted the bail plea of Shahid Balwa and other under-trials[16]. On the 21st of December, 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.[17]

Charitable work

His charitable activities are in the field of health and education. They include the Balwas High School and Charitable Medical Institution in Phirozpura, Gujarat.[18]

References

  1. ↑ "CBI arrests DB group MD Shahid Balwa in 2G scam". Hindustan Times. Archived from the original on 11 February 2011. Retrieved 9 February 2011.
  2. ↑ "Shahid Balwa". My Journey To Billionaire Club. 2010-08-24. Retrieved 2011-02-09.
  3. ↑ "Kanimozhi, A Raja, 15 others acquitted in 2G scam - Rediff.com India News". www.rediff.com. Retrieved 2018-01-01.
  4. 1 2 Nauzer K Bharucha, TNN, 10 February 2011, 03.36am IST (10 February 2011). "Shahid Balwa: From college dropout to billion-dollar realtor - The Times of India". The Times of India. Retrieved 2011-02-11.
  5. ↑ "Tehelka - India's Independent Weekly News Magazine".
  6. ↑ "DB Realty allots Rs 1,000 cr for acquisition of projects | DNA : Daily News & Analysis; Mumbai | Find Articles at BNET". Findarticles.com. 2010-08-13. Retrieved 2011-02-09.
  7. ↑ "The ups and downs in the DB Realty story - Rediff.com Business". Rediff.com. 2010-12-31. Retrieved 2011-02-10.
  8. ↑ "#50 Shahid Balwa". Forbes.com. 18 November 2009. Retrieved 2011-02-09.
  9. ↑ Thursday, 10 February 2011 at 0958 hrs IST (2011-02-10). "Balwa is India's youngest billionaire". Financialexpress.com. Retrieved 2011-02-24.
  10. ↑ Mehul Srivastava. "India's Powerful Can't Escape Jail". Businessweek.com.
  11. ↑ "2G spectrum case : CBI arrests Shahid Balwa". Chennai, India: hindu.com. 2011-02-09. Retrieved 2011-11-03.
  12. ↑ "CBI arrests DB group ex MD Shahid Balwa in 2G scam". hindustantimes.com. 9 February 2011. Archived from the original on 30 October 2011. Retrieved 3 November 2011.
  13. ↑ "Shahid Balwa arrested in 2G scam - ndtv.com India". ndtv.com. 2011-02-09. Retrieved 2011-11-03.
  14. ↑ "2G scam: CBI arrests Shahid Balwa's brother, another exec". expressindia.com. 29 March 2011. Archived from the original on 26 January 2012. Retrieved 3 November 2011.
  15. ↑ "CBI arrests Shahid Balwa's brother in 2G scam". dnaindia.com. 2011-03-29. Retrieved 2011-11-03.
  16. ↑ "Shahid-Balwa-granted-bail - Hindustan Times". Hindustan Times.com. 29 September 2011. Archived from the original on 30 November 2011.
  17. ↑ "Full 2g Case verdict".
  18. ↑ "Who is Shahid Balwa?".

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