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August 14, 2001
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Money > Business Headlines > Report August 14, 2001 |
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Just 8 months back, Tata Finance paid glowing tributes to PendseRakesh P Sharma Just about eight months before filing an FIR against former Tata Finance managing director Dilip S Pendse alleging criminal conspiracy, forgery and falsification of accounts, Tata Finance chairman Freddie A Mehta had paid glowing tributes to him for his "wonderful job in the company". He had particularly praised Pendse and AL Shilotri, former president and CEO of Niskalp Investment & Trading Company, for declaring a hefty dividend which in turn accrued to the parent company Tata Finance. Niskalp paid a 155 per cent interim dividend for 1999-2000 and also announced a final dividend of 45 per cent (Rs 107 million) raising the total to 200 per cent. However, the final 45 per cent dividend was later converted into an interim dividend for the next fiscal (2000-01) as it was found that Niskalp's profit was insufficient to justify it. Ultimately, the company ended up the year 2000-01 with losses. At the 16th annual general meeting of Tata Finance on November 22, 2000, Mehta said: "It is true that a number of manufacturing companies have been able to present a much better picture of their bottomline because of the other income syndrome and this is even more true of our company this year. However, before I proceed further, let me in elaboration say how grateful we are to our subsidiary Niskalp for its very creditable performance that has enabled it to declare a hefty dividend for the benefit of our parent company (Tata Finance). In particular, I should like to congratulate its chairman JE Talaulicar, president AL Shilotri and, of course, our managing director Dilip S Pendse for this." "It has been an invaluable contribution, though one would be unfair if one expected it to be repeated each year, given the vagaries of our economy and in particular, the volatility of our stock markets," he added. Incidentally, in his letter to Mehta, refuting the allegations pinned against him, Pendse blamed the volatility of the stock market for the substantial losses suffered by Niskalp. Last month, Tata Finance sacked five of its senior executives, including Shilotri, for allegedly joining hands with Pendse to defraud the company. Powered by YOU MAY ALSO WANT TO READ:
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