A Delhi court on Tuesday rejected the anticipatory bail application of D S Pendse, former managing director of Tata Finance Limited, facing a non-bailable warrant for his alleged involvement in the misappropriation of Rs 2 crore (Rs 20 million) in a group company.
Additional Sessions Judge Manju Goel denied pre-arrest bail to Pendse following a prosecution plea that his custodial interrogation was necessary to unearth the conspiracy.
The court had earlier reserved its order on the bail plea after hearing the contentions of the parties involved.
Stressing the need for custodial interrogation of the accused, the investigating officer had told the court that the former MD's personal secretary had revealed that Pendse after resigning from the company had parted away with some important documents.
Special Public Prosecutor Parag Tripathi submitted that Pendse had not cooperated with the probe and sought his custody to unravel the conspiracy saying only the accused could divulge details about the company's fund, which he allegedly misappropriated.
Delhi Police had initiated investigation against Pendse on a complaint filed on behalf of Inshaallah Investment Ltd, a TFL subsidiary, in September last year alleging that the former MD had issued cheques worth Rs 2 crore to brokers for payment of personal transactions of a former TFL director.
Pendse had denied the charges levelled against him.
A case of cheating, forgery, criminal conspiracy and misappropriation of funds of IIL was registered and a non-bailable warrant was issued against him recently.
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