Oct 17: Tata Finance Ltd has moved the Mumbai High Court seeking a direction to CBI to probe the alleged fraud committed by its former Managing Director Dilip Pendse as a result of which the company was cheated to the tune of Rs 400 crore. The company pressed for CBI inquiry saying the economic offences wing of Mumbai police had filed a "C Summary" report (closure of case) apparently under pressure from the office of Deputy Chief Minister Chhagan Bhujbal despite clear findings of various offences and irregularities committed by accused. Eminent lawyer Ram Jethmalani appeared for Tata Finance.

On behalf of the state government, a battery of lawyers Kapil Sibal, Satish Maneshinde and Rui Rodgrigues argued that transfer of investigations to CBI was not justified.
Justice Ranjana Desai and Justice P V Kakade, would deliver order today on the petition filed by Tata Finance.
The company said that Pendse was appointed Managing Director for five years from June 1996 to May 2001. After expiry of his term, Pendse informed the company that he did not intend to seek reappointment. Bureau Report