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Tata group files police complaint against Pendse

Our Bureau

MUMBAI, Aug. 6

THE Tata group has filed a complaint with the economic offences wing of the Mumbai Police here today against Mr Dilip Pendse, former Managing Director, Tata Finance Ltd (TFL).

Senior Tata group official confirmed that the complaint relates to fraud committed by Mr Dilip Pendse, former TFL Managing Director, and certain other officials of TFL. The complaint relates to offences of cheating, falsification of accounts, forgery and criminal breach of trust causing substantial wrongful losses.

The Tata group Director, Mr Kishore Chaukar, said that several aspects of criminal action were committed using the vehicle of Nishkalp Trading & Investment Co Ltd (Nishkalp). Nishkalp had received large funds from TFL and made investments in equities whi ch have recorded losses.

Mr Chaukar said that TFL unauthorisedly transferred funds to Nishkalp which was not informed to the board of directors of TFL. ``The board was aware that Nishkalp was doing stock trading but it was not aware about the amount in excess of limits that was transferred from TFL in a coordinated manner,'' Mr Chaukar said.

The complaint has been filed for offences under Section 120B of the Indian Penal Code (IPC) read with Section 415, 417, 418, 420, 464, 465, 467 as well as offences under Reserve Bank of India (RBI) Act, 1932, the Companies Act, 1956, Securities & Exchang e Board of India (SEBI) Act, 1992.