Dilip Pendse, former Tata Finance MD, found dead in Mumbai house
Mumbai: About a year after India’s market regulator banned him from dealings in the capital market, Dilip S. Pendse, a former managing director of Tata Finance Ltd, was found dead in Mumbai in what the city police say is a case of suicide.
Media reports say the police have found a suicide note where Pendse cites “personal reasons” for killing himself.
Pendse was investigated by the Securities and Exchange Board of India (Sebi), based on a complaint by Tata Finance (of which he was then managing director), on his role in providing erroneous details in the company’s rights issue in 2001 and underlying illegal stock market transactions in certain stocks.
The investigation took several years, and it was only in 2009 that Sebi issued a notice to him. He was found guilty in 2012.
Pendse promptly appealed to the Securities Appellate Tribunal. In 2014, the tribunal asked Sebi to hear the case again. The fresh order, which banned Pendse from the securities market for three years, came on 22 June 2016.