SAT sets aside insider trading charges against Dilip Pendse
Press Trust of India / Mumbai Nov 19, 2009, 17:38 IST
The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties.
"The charges of insider trading against Dilip Pendse, his wife Anuradha Pendse and Nalini Properties, a company controlled by Anuradha's family, have been set aside by SAT," Dilip Pendse's advocate V M Singh told PTI here.
The restriction which prevented Dilip Pendse from trading in the market has been set aside, Singh said.
Anuradha Pendse and Nalini Properties were alleged to have sold shares of Tata Finance in March 2001 on the basis of unpublished price-sensitive information relating to the financial position of the company.
Dilip Pendse, the then managing director of Tata Finance and Anuradha were alleged to have leaked price sensitive information that Tata Finance had suffered a loss of Rs 79.37 crore consequent to its investment in Nishkalp Investment and Trading Company.
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