SC admits SEBI pleas against Tatas' former brass, others

The Supreme Court admitted petitions challenging a sectoral tribunal's judgment that set aside SEBI's order that banned former Tata Finance Managing Director Dilip S Pendse from the securities market for two years for allegedly violating insider trading norms.

The Supreme Court on Monday admitted petitions challenging a sectoral tribunal's judgment that set aside SEBI's order that banned former Tata Finance Managing Director Dilip S Pendse from the securities market for two years for allegedly violating insider trading norms.

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SEBI in March 2001 had also imposed a penalty of Rs 5 lakh each on Dilip Pendse, his wife Anuradha Pendse and Nalini Properties for allegedly rigging Global Telesystem Ltd's shares.

A bench headed by Justice SH Kapadia admitted the three petitions challenging the Securities Appellate Tribunal's ruling that set aside SEBI's order on the grounds that there was no evidence before it of falsification of books of accounts by Pendse.

SEBI had banned Pendse, the former managing director of Tata Finance Ltd, on December 28, 2007, for illegal trades done in 2000-01 while dealing with transactions related to GTL.

The market regulator had passed the order after Tata Finance had filed a complaint alleging irregularities and violations committed by Pendse relating to illegal and unauthorised carry-forward transcations in the shares of GTL from September 2000 to February 2001.