Economy

Ex-Tata Finance MD kills himself

Ex-Tata Finance MD kills himself”

Mumbai (Maharashtra), July 5: Former TATA Managing Director (MD) Dilip Pendse on Wednesday committed suicide at his office in Matunga. However according to ANI, the police has filed a case of "Accidental death" in this regard. When the carpenter broke open the door, they found Pendse hanging, said Balasaheb Kakad, senior inspector of Matunga police. The main control room of the Mumbai Police had received a phone call about Pendse's death at 2.30 pm, said the police. Pendse left a suicide note saying he was taking the extreme step due to personal reasons and no one should be held responsible for it.

"It is a suicide, he was found hanging at his office". The body has been sent for post-mortem at the Sion Hospital. The charges against Pendse claimed that he worked in association with two brokering firms and on behalf of an investing firm in which a Tata Finance subsidiary had interest in. Pendse is survived by his wife and two children-a son and a daughter who are overseas.

Pendse, then considered a financial whizkid, was credited with expanding the operations of Tata Finance to create India's largest and most integrated finance company. With Tata Finance suffering severe losses, the Tata group later restructured the company.

The investigation took several years, and it was only in 2009 that Sebi issued a notice to him.

In October 2002, SEBI initiated a probe after receiving a complaint from Tata Finance about Dilip Pendse conducting "illegal carry forward transactions in the scrips of Himachal Futuristic Communications, Tata Engineering and Locomotive, Infosys and Software Solutions India", said market sources. Sources say Pendse was under depression over a pending 2003 case in which he was arrested by Delhi Police for his alleged involvement in misappropriation of funds.



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