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Sebi discards insider trading case against ex-Tata Finance MD Dilip Pendse

In 2014, Sebi found Pendse guilty of illegal trades & banned him from accessing capital markets

Press Trust of India  |  New Delhi 

Dilip Pendse
Dilip Pendse

regulator today disposed of proceedings against late Dilip Pendse, former managing director of Tata Finance, in an insider case saying a is not imposable as he has already been penalised through earlier orders.

It was alleged that Pendse, in 2001, had facilitated sale of one lakh of the company worth Rs 69 lakh held by the then Director J E Talaulicar and his family, while he was in possession of the 'unpublished price sensitive information' (UPSI).

Earlier this month, Pandse had allegedly committed suicide.

"The available evidence could show probability of some role in helping/assisting Talaulicar in sale of the after his decision to sell while he was in possession of the but such role/involvement cannot be termed as 'organizing Talaulicar to deal in on the basis of UPSI'," Adjudicating Officer Santosh Shukla said in an order passed today.

With regard to such role, the Adjudicating Officer said that Pendse has already been penalised under the PIT (Prohibition of Insider Trading) Regulations, wherein he had been directed to dissociate himself from the and not deal in for a specified period and he has already suffered such restraint.

Accordingly, said that the "... Is not imposable in the facts and circumstances of this case and the proceedings are accordingly disposed of".

In October 2014, the watchdog had found Pendse guilty of illegal trades and banned him from accessing capital for two years.

Pendse was dismissed from Tata in 2001 after the company arm ran huge losses and the group filed criminal charges against him.

First Published: Fri, July 28 2017. 20:42 IST