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Tata Finance files Rs 4 billion suit against Pendse

BS Corporate Bureau

Tata Finance Ltd has filed a civil suit in the Bombay high court against Dilip S Pendse, its former managing director, and others claiming damages of over Rs 4 billion.

It has also asked Pendse and others to refrain from disposing of, selling, creating a charge and/or encumbering their immovable properties.

The plaint also asks Pendse not to operate his bank account and file an affidavit disclosing all bank accounts maintained by him jointly or singly in India and abroad and also all immovable properties and shares and securities listed or unlisted, owned or held by him jointly or otherwise.

When contacted, a senior Tata group executive confirmed that the group had filed a civil suit claiming damages against Pendse and others to the tune of over Rs 4 billion.

In their plaint, Tata Finance has also asked Citibank NA, Dena Bank, Canara Bank, the National Securities Depository, the Central Depository Services India Ltd and IIT Corporate Services Ltd to disclose all the transactions undertaken by Pendse and his associates from January 1, 1999 onwards.

On June 10, 2002, Justice S J Vazifdar of the Bombay High Court, in an order dated June 10, 2002 granted "ad-interim reliefs" without hearing the defendants and directed some of them to appear in court on June 24. A few banks and depositories were absent from the hearing on June 10.

However, some of them failed to appear on June 24 too. The hearings were then adjourned to July 29.

Pendse was unavailable for comment. Tata Finance had in August 2001 filed a first investigation report in Mumbai with the economic offences wing of the police against Pendse and his associates, accusing them of criminal conspiracy, falsification of accounts and forgery.

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