New Delhi, Feb 24: The Delhi High Court today dismissed the anticipatory bail plea of D S Pendse, former managing director of Tata Finance Limited (TFL), against whom Non-Bailable Warrant (NBW) was issued for his alleged involvement in misappropriation of Rs two crore in a group company. "In view of the serious nature of the offence and the facts and circumstances of the case, this court is of the considered view that custodial interrogation of the petitioner (Pendse) is essential so that not only the documents which he had taken away may be recovered but other ramification of the crime may also be looked into," Justice R C Chopra said rejecting Pendse's bail plea.


Holding that Pendse's interrogation might enable the investigating agency to reach other co-accused, if any, as well as the recovery of the misappropriated amounts, the judge said "as such, this court has no hesitation in holding that the petitioner (Pendse) does not deserve to be enlarged on anticipatory bail.”

Delhi police had initiated investigation against Pendse on a complaint filed on behalf of Inshaallah Investment Ltd (IIL), a TFL subsidiary, in September last year alleging that the former MD had issued cheques worth Rs two crore to brokers for payment of personal transactions of a former TFL director.
A case of cheating, forgery, criminal conspiracy and misappropriation of funds of iil was registered and a NBW was issued against him recently.

Stressing the need for custodial interrogation of the accused, the investigating officer had told the court that the former MD's personal secretary had revealed that Pendse after resigning from the company had parted away with some important documents.
Bureau Report