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Mumbai Police give clean chit to TFL's Pendse

The Economic Offences Wing of the Mumbai Police has given a clean cheat to the former Tata Finance Ltd managing director Dilip Pendse and others accused in a criminal case filed by the Tatas last year.

EOW sources on Thursday said they have not found any evidence of criminal activity levelled against them in the first information report filed by the Tatas on August 6, 2001.

''We have completed our investigations and submitted the report.

We have closed the file as well,'' sources said.

Sources said they have not found anything criminal in the transactions between TFL and other Tata Group companies.

The Tatas filed a civil suite against Pendse on June 6, 2002, which was yet to be decided.

The Tatas also filed a complaint against Pendse with the Securities and Exchange Board of India in December 2001 for his alleged involvement in insider trading in TFL.

They alleged that on March 29 and 30, 2001, Pendse sold 215,000 shares of TFL at Rs 92 a share, while the prevailing price was just Rs 31 per share.

When contacted, Pendse claimed that all transactions were done by him in good faith and with the knowledge of the entire TFL board.

UNI

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