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Friday, Sep 27, 2002

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Pendse violated norms, says SEBI

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MUMBAI, Sept. 26

THE Securities and Exchange Board of India (SEBI) has said that Mr D.S. Pendse, former Managing Director of Tata Finance Ltd, and his associates have prima facie violated its regulations on insider trading.

This follows a SEBI investigation into the case, on a complaint lodged by Tata Finance alleging various irregularities and violations by Mr Pendse relating to disclosure in the Letter of Offer, dated March 20, 2000, for the rights issue of nine per cent cumulative convertible preferential shares of Tata Finance.

Mr Pendse's associates and their companies are: Mrs Anuradha Pendse, wife of Mr Pendse; Dr Anjali Beke, acquaintance and associate of Mr Pendse; Nalini Properties Pvt. Ltd, a company controlled by Mrs Pendse and the father of Mr Pendse; and Anjudi Properties and Investments Pvt. Ltd, a company controlled by Dr Beke and her husband Dr Beke.

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