D B Realty CFO Asif Balwa resigns

D B Realty on Friday announced that Asif Balwa has resigned from the position of chief financial officer (CFO) and key managerial personnel of the company with effect from the closing of business hours on 5 January 2023, due to personal reasons.

Atul Bhatnagar who was acting as joint CFO and key managerial personnel of the company has been redesignated as CFO, by the company's board with effect from 6 January 2023.

Bhatnagar is a commerce graduate and qualified professional in Masters of Business Administration, Finance. He has been working with DB Group for past approximately 16 years and was working as Joint CFO of the company since 11 February 2020.

The company said that he possesses a varied experience in the field of strategic planning, finance, corporate & fund raising etc. His knowledge and experience in finance will be valuable for the company. He is handling relationships with the banks/financial institution.

Vinod K. Goenka, chairman and managing director of the company (in addition to Shahid Balwa, vice- chairman and managing director) is authorized in place of Asif Balwa for the purpose of determining materiality of an event or information and making such disclosures to stock exchanges, D B Realty stated in the press release.

DB Realty is engaged primarily in the business of real estate construction, development and other related activities.

The company's reported a consolidated net profit of Rs 565.80 crore in Q2 FY23 as compared to Rs 352.10 crore in Q2 FY22. Net sales jumped 15.5% year on year to Rs 10.16 crore in quarter 30 September 2022.

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