India

Former Tata Finance Managing Director Dilip Pendse commits suicide

05 Jul 2017 | By Anish Chakraborty
Pendse suicide letter says reason was "personal"

According to a TOI report, Former Tata Finance Managing Director Dilip Pendse has allegedly committed suicide.

The time of his suicide is being pegged between 9.30 AM and 2.30 PM on Wednesday. In his suicide letter, Pendse had quoted "personal reasons" as the motive behind taking such a drastic step.

Here's all about it.

In context: Pendse suicide letter says reason was "personal"

05 Jul 2017Former Tata Finance Managing Director Dilip Pendse commits suicide

BarredWhat transpired?

According to the police report, the incident took place at Pendse's office on the ground floor of a building named 'Royal Breeze' in Mumbai.

Dilip Pendse had been embroiled in several controversies for the last few years. He was barred by SEBI along with three other entities from the capital market due to manipulation during the time of Tata Finance's rights issue in 2001.

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A controversial backdrop

ProbeA controversial backdrop

SEBI in October 2002 initiated probe after receiving complaint from Tata Finance against Dilip Pendse for 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"

Pendse was found guilty along with Jhunjhunwala Stock Brokers Pvt. Ltd and Pratik Stock Vision Pvt. Ltd.

OrderThe aftermath

SEBI issued a showcause notice to Pendse in April 2009 and subsequently passed an order in December 2012.

Pendse challenged this order and in April 2014, Securities Appellate Tribunal (SAT) nullified the SEBI directive asking the regulator to issue a new order based "on merits and in accordance with law as expeditiously as possible and in any event within a period of six months".