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 400 crore. 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 400 crore.
In their plaint, Tata Finance has also asked Citibank NA, Dena Bank, Canara Brank, 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
