Tata Finance's controversial former managing director Dilip S. Pendse committed suicide at his residence here on Wednesday afternoon, police said. "The note also stated no one should be held responsible for his death", said a police officer. The police said Pendse left his house at around 9.30 a.m. on Wednesday and went down to his office as per his daily routine. Senior police inspector of Matunga police station Balasahab Kakad said Pendse left a suicide note in which he said "Don't blame anyone, I am doing this for personal reason". The body of Pendse (61) was found hanging from the ceiling fan in his office on the ground floor of Royal Grace Apartments in Dadar, police said. The body was sent to Sion hospital for a post-mortem.
Following a high-profile tiff with the Tata group, he had been removed from the Tata Finance top post of MD way back in 2001. Pendse is survived by his wife and two children-a son and a daughter who are overseas. The charges against Pendse claimed that he worked in association with two brokering firms and on behalf of an investing firm in which a Tata Finance subsidiary had interest in. But these stocks tanked leading d to huge losses. Market regulator SEBI investigated two cases and took action against Pendse. Last year, the Securities and Exchange Board of India had barred Pendse from the capital market for three years for manipulations of company's rights issue in 2001.
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In October 2002, SEBI had started a probe on a complaint from Tata Finance about Pendse allegedly conducting "illegal carry forward transactions". Sources say Pendse was under depression over a pending 2003 case in which he was arrested by Delhi Police for his alleged involvement in misappropriation of funds.
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