The Tata Finance Statement

Tata Finance is advised not to comment to the press on any specific issue in the affidavit of its former managing director Dilip Pendse as the matter is sub judice before the Bombay High Court.

Tata Finance is surprised that a copy of the affidavit appears to have been deliberately released to the press in an obvious attempt to create unwarranted prejudice.

The company finds contemptible the attempt being made to selectively feed distorted facts to the media to give a misleading impression of the operations of Tata Finance under Pendse's stewardship. This is not in the interest of Tata Finance or its shareholders nor will it deter Tata Finance from ensuring that those who are responsible for causing loss to Tata Finance will be brought to justice.

Pendse was the managing director of Tata Finance from June 1996 to May 2001 and was directly responsible for the management of the affairs of the company. He cannot avoid or obscure his responsibility for the acts and omissions on his part, which resulted in infractions of the law and caused a huge financial loss to the company.

Tata Finance is in the process of filing a comprehensive rejoinder which will bring to the attention of the high court the false and unmeritorious nature of Pendse's allegations.

Tata Finance has full confidence in the Bombay High Court and will await a decision from it in the matter.

Signed/-

Bharat Vasani

Tata Group General Counsel