Business IdeasSAT sets aside insider trading charges against Dilip Pendse
The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties.
- Mah Satyam to repay funds of Geelong project - NASA signs agreement with ISRO for use of Indian satellite - Trusts, NGOs under ambit of money-laundering law - Revised air quality norms notified - Sathyam Cinemas to add 5000 seats - CBI files memo in Satyam case
"The charges of insider trading against Dilip Pendse, his wife Anuradha Pendse and Nalini Properties, a company controlled by Anuradha"s family, have been set aside by SAT," Dilip Pendse"s advocate V M Singh told PTI here.
The restriction which prevented Dilip Pendse from trading in the market has been set aside, Singh said.
Anuradha Pendse and Nalini Properties were alleged to have sold shares of Tata Finance in March 2001 on the basis of unpublished price-sensitive information relating to the financial position of the company.
Dilip Pendse, the then managing director of Tata Finance and Anuradha were alleged to have leaked price sensitive information that Tata Finance had suffered a loss of Rs 79.37 crore consequent to its investment in Nishkalp Investment and Trading Company.