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Pendse hits back at Tatas

BS Markets Bureau

Former Tata Finance Ltd managing director Dilip S Pendse on Wednesday held the board of TFL responsible for all decisions taken by the company during his tenure.

"The Tatas have been putting the blame squarely on our client despite knowing that our client was an employee of Tata Finance and all the decisions taken were as per the directions, formal and informal instructions of board of directors of Tata Finance and with full knowledge and consent of the board of directors," a statement by advocates, Bhave & Company, issued on behalf of Pendse said.

This is for the first time that the former TFL managing director commented on the controversy ever since the Tatas filed an FIR (first information report) with the economic offences wing of the Maharashtra government on August 6 alleging criminal breach of trust, falsification of accounts and cheating against him and five other TFL executives who were sacked. The TFL chief quit the company on June 31.

"There is no question of our client exerting his influence on the decisions taken by other Tata group companies such as Telco, Tata Chemicals, etc.

All such deals/decisions were taken between Tata Finance and other group companies and were taken by the respective company management with full knowledge of the board of directors of the respective companies," the release said.

Meanwhile, Tata Finance sent a letter to the Bombay Stock Exchange on Wednesday saying the board of directors of TFL has recently discovered certain unauthorised transactions undertaken by the then management of the company led by Pendse.

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