Former Tata Finance MD Dilip Pendse commits suicide

Dilip Sudhakar Pendse, former Tata Finance Managing Director on Wednesday allegedly committed suicide by hanging from a ceiling fan at his private office.

Pendse, 61, committed suicide at his office located in Dadar, Mumbai. According to IndiaToday report, he left a suicide note before hanging himself. He was survived by his wife Pratima who lives on the same building 'Royal Grace' apartment.

Reportedly, a senior police official said that when Pratima called her husband multiple times for lunch, Pendse did not answered. Then she went down to check and found Pendse hanging from the ceiling fan. 

Quoting the police official, the report said, "We found a seven line suicide note in which Pendse had written that no one should be blamed for the extreme step he had taken. He was frustrated due to legal cases going on against him and thus, decided to end his life. He also mentioned in the suicide note that his last rites should be carried out in Pune."

Pendse was found guilty of insider trading and other illegal activities. He was also  banned for two years from capital markets by Sebi. However, he later became MD of Tata Finance but he continued his illegal activities. In 2001, Tata Finance initiated legal action against him and was fired.