Niskalp losses blamed on Pendse
Mumbai—The Tata Group has laid the blame on former managing director of Tata Finance, Dilip Pendse, for several operational lapses and investment irregularities in the company leading to huge losses in its investment subsidiary Niskalp Investments.
Pendse was once rumoured to be a part of the inner circle of Bombay House, headquarters of the Tata Group.
Pendse resigned from TFL board in February and left the company in May 2001. Pendse is reported to be out of Mumbai.
TFL is also seeking legal advice about what can be done to recover the losses.
The unauthorised deals include diversion of funds to Niskalp and certain other associate companies whose affairs were also controlled and managed by the then management of TFL.
Niskalp and the associate companies deployed a substantial part of these funds in trading or speculative activities in certain scrips leading to sizeable losses in Niskalp and the other associate companies. Niskalp ceased to be a subsidiary of TFL effective June 28, 2001.
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