Former Tata Finance MD Dilip Pendse Commits Suicide

Former Tata Finance Managing Director Dilip Pendse allegedly committed suicide in Mumbai on Wednesday. Senior police inspector of Matunga Police station Balasahab Kakad confirmed the incident.

The timing of the suicide has been stated between 9.30 AM and 2.30 PM on Wednesday. Police further reported that he committed suicide at his ground floor office of a building named 'Royal Breeze'. Pendse was staying at the first floor of the same building.

Police has also found a suicide note where he has quoted 'personal reasons' as the incitement behind the suicide.

The former Tata group executive had been saddled by controversy since long.

On June 22, Sebi had barred Pendse and three other entities from the capital market for manipulations at the time of the firm's right issue in 2001.

In October 2002, Sebi had started a probe on a complaint from Tata Finance about Dilip Pendse conducting "illegal carry forward transactions in the scrips of Himachal Futuristic Communications Ltd, Tata Engineering and Locomotive Co.Ltd ( now Tata Motors), Infosys and Software Solutions India Ltd".

Sebi had also said that these transactions were conducted by Pendse in complicity with two brokers- Jhunjhunwala Stock Brokers Pvt. Ltd and Pratik Stock Vision Pvt.Ltd- and on behalf of Inshallah Investments in which a Tata Finance subsidiary, Niskalp Investment and Trading, had a vital interest.

Pendse was issued a showcause notice by Sebi in April 2009 after investigations. Subsequently, the regulator body also passed an order in December 2012.

On Pendse's challenge, Securities Appellate Tribunal (SAT) quashed the Sebi directive in April 2014 and asked the regulator to pass a fresh order "on merits and in accordance with law as expeditiously as possible and in any event within a period of six months".

Following the directive, Sebi gave an opportunity of personal hearing to Pendse.