Shahid Balwa Explained

Shahid Balwa
Birth Place:Gujarat, India
Spouse:Asimah Balwa
Occupation:Promoter, DB Group[1] & Managing Director, DB Group

Shahid Usman Balwa (born 1974) is an entrepreneur based in Mumbai, Maharashtra, India. He is one of the promoters of Mumbai-based DB Group.[2]

Early and personal life

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

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.[3] [4] He was ranked by Forbes as India's 50th richest man in 2010.[5] [6] [7]

2G Case

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 the DMK party.[8] Former Telecom minister A. Raja allegedly helped Swan bag licences for 13 circles, including Mumbai and Delhi, for 15.37 billion.[9] [10] DB realty is one among the companies that purchased 2G licenses in 2008. DB Reality floated Swan Telecom.[11] The CBI also arrested two executives on 29 March 2011 including the brother of Balwa, Asif Balwa.[12] [13] A Delhi high-court on 29 November 2011 accepted the bail plea of Shahid Balwa and other under-trials.[14] On 21 December 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.[15]

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.[16]

Notes and References

  1. News: 2G spectrum case : CBI arrests Shahid Balwa . The Hindu . 8 February 2011. 2011-02-09.
  2. Web site: Kanimozhi, A Raja, 15 others acquitted in 2G scam – Rediff.com India News. Rediff.com. 2018-01-01.
  3. News: DB Realty allots Rs 1,000 cr for the acquisition of projects | DNA : Daily News & Analysis; Mumbai | Find Articles at BNET . Find Articles . 2010-08-13 . 2011-02-09 .
  4. Web site: The ups and downs in the DB Realty story . Rediff.com . 2010-12-31 . 2011-02-10.
  5. Web site: 2011-02-10. Balwa is India's youngest billionaire. 2020-09-15. The Indian Express.
  6. News: #50 Shahid Balwa . Forbes . 18 November 2009. 2011-02-09.
  7. News: Nauzer K Bharucha . 10 February 2011 . Shahid Balwa: From college dropout to billion-dollar realtor . . dead . 2011-02-11 . https://web.archive.org/web/20121104192304/http://articles.timesofindia.indiatimes.com/2011-02-10/india/28545495_1_shahid-balwa-kakade-infrastructure-bandra . 4 November 2012.
  8. Web site: India's Powerful Can't Escape Jail. Mehul Srivastava. Bloomberg Businessweek.
  9. Web site: 2011-02-09. 2G scam: CBI arrests DB Realty MD Shahid Balwa. 2020-09-15. DNA India.
  10. News: 2G spectrum case : CBI arrests Shahid Balwa . The Hindu . 2011-02-09 . 2011-11-03 . Chennai, India.
  11. Web site: Shahid Balwa arrested in 2G scam – ndtv.com India . ndtv.com . 2011-02-09 . 2011-11-03.
  12. Web site: 2G scam: CBI arrests Shahid Balwa's brother Asif Balwa. 2020-09-15. NDTV.com.
  13. Web site: CBI arrests Shahid Balwa's brother in 2G scam . Daily News and Analysis . 2011-03-29 . 2011-11-03.
  14. News: Press Trust of India. 2011-11-29. 2G case: Shahid Balwa granted bail. The Hindu. 2020-09-15. 0971-751X.
  15. Web site: 21 December 2017. IN THE COURT OF O. P. SAINI: SPL. JUDGE, CBI (04) (2G SPECTRUM CASES), NEW DELHI. The Hindu.
  16. Web site: Who is Shahid Balwa?. Mid-Day. 14 February 2011. 15 September 2020.

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