Ex-MD of Tata Finance Pendse arrested in alleged funds transfer
By Our Corporate Bureau | 26 Feb 2003
New
Delhi: The Delhi police have arrested former managing
director of Tata Finance (TFL) D S Pendse here for his
alleged involvement in “misappropriation”
of at least Rs 2 crore of the company’s funds.
The Delhi High Court rejected Pendse’s application for an anticipatory bail. Dinesh Bhatt, deputy commissioner of police (economic offences wing of the crime branch), said Pendse was nabbed at Tilak Marg, near Patiala House courts, at around noon on 25 February. “Pendse has been approaching different courts for reprieve and his arrest came after prolonged surveillance.”
The
crime branch had registered a case and initiated investigations
against him in September 2002 following a complaint
that he had “siphoned off''” funds worth Rs
2 crore from TFL during his tenure as its managing director.