Former MD of Tata Finance Dilip Pendse commits suicide in Mumbai

Jul 05, 2017, 22:08 IST | mid-day online correspondent

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Former managing director of Tata Finance Dilip Pendse was on Wednesday found hanging in his office in Dadar, according to reports.

Police sources stated that according to prima facie evidence it appeared that Pendse had allegedly committed suicide. "It is a suicide, he was found hanging at his office. Investigation is underway," news agency ANI quoted Mumbai Police PRO as saying.

The body of Pendse (61), who was fired by the Tatas in 2001 after his name cropped up in some illegal transactions, was found hanging from a ceiling fan at his private office on the first floor of Royal Grace Building in Dadar East this afternoon.

The body was sent for autopsy at Sion Hospital, said DCP Rashmi Karandikar, Mumbai police spokesperson.

Pendse is believed to have committed suicide between 9.30 AM and 2.30 PM on Wednesday, initial investigations stated.

Pendse is said to have committed suicide due to personal life issues. "Suicide note found cites reason frustrated due to personal life issues," Mumbai Police PRO said. Matunga police station have registered an Accidental Death Report (ADR) and are investigating the case.

Earlier, Tata Motors chief executive Karl Slym and an ex-spokesperson of Tata Steel Charu Deshpande had committed suicide in 2014 and 2013, respectively. 

While Slym, a US citizen, was the MD and CEO of Tata Motors at the time of his death, Deshpande was no longer associated with Tata Steel when he ended his life. 

Slym jumped out of a posh Bangkok hotel window in January 2014. Thai investigators blamed the suicide on domestic issues, saying he had had a fight with his wife. 

The 58-year-old Deshpande, a former journalist who had worked with The Daily, Indian Express, Economic Times and Business & Political Observer before moving to corporate communications at ICICI Bank and Tata Steel, was found hanging from the ceiling fan of his Vasai home on June 28, 2013.  He had worked with Tata Steel till April 2013. The case related to his suicide is being probed by the CBI.

In February 2003, Pendse, who was with Tata Finance for long, was arrested by the Delhi Police for alleged involvement in misappropriation of Rs 2 crore.

A complaint had been filed on behalf of Inshaallah Investment, a Tata Finance subsidiary, alleging that Pendse issued cheques for Rs 2 crore to brokers for payment of personal transactions of a former company director. Pendse was dismissed from Tata Finance in 2001 after the company arm ran huge losses and the group filed criminal charges against him.

In a 15-year-old matter, Sebi had last June barred Pendse and three other entities from the capital market for manipulations at the time of the firm's right issue in 2001.

In December 2012, market regulator Securities and Exchange Board of India (Sebi) had barred Pendse for two years from the securities market on charges of involvement in fraudulent and unfair trade practices in four firms including TELCO (now Tata Motors) and Infosys Ltd more than ten years ago.

In its order, Sebi said that it has restrained "Dilip S. Pendse from accessing the capital market and prohibit him from buying, selling or otherwise dealing in the securities market, directly or indirectly, for a period of two years."

(With Agency Inputs)

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