Amid a public spat between him and the Tata group, Pendse was removed as Tata Finance chief way back in 2001 after a company subsidiary ran huge mark-to-market losses and the group also filed criminal charges against him
Market regulator Securities and Exchange Board of India (SEBI) has barred Dilip Pendse, former managing director of Tata Finance, from markets for executing illegal transactions in stocks of four companies including Infosys and Tata Motors, erstwhile Telco. This high-profile case dates back to over 12 years.
The latest order, which has been passed after years of probe and various directions issued by SEBI itself and the Securities Appellate Tribunal (SAT) in between, prohibits Pendse from accessing capital markets for two years.
In the present order, SEBI said that the period of prohibition already undergone by Pendse (imposed by an earlier order on 24 December 2012) would be taken into account while implementing the new directive.
Amid a public spat between him and the Tata group, Pendse was removed as Tata Finance chief way back in 2001 after a company subsidiary ran huge mark-to-market losses and the group also filed criminal charges against him. While Pendse refuted all charges, which included those related to fraud, he also had to spend time in jail.
SEBI has passed the latest order after SAT on 16 April 2014 quashed SEBI’s 24 December 2012 directive against Pendse and asked the regulator to pass a fresh order “on merits and in accordance with law as expeditiously as possible and in any event within a period of six months“.
SEBI said it began its probe after receipt of a complaint in October 2002 from Tata Finance about Pendse conducting “illegal carry forward transactions in the scrips of Himachal Futuristic Communications Ltd (HFCL), Tata Engineering and Locomotive Co Ltd-Telco (presently known as Tata Motors), Infosys and Software Solutions India Ltd (SSI).
These illegal transactions were conducted by Pendse in complicity with two brokers — Jhunjhunwala Stockbrokers Pvt Ltd and Pratik Stock Vision — and on behalf of Inshaallah Investments, in which a Tata Finance subsidiary (Niskalp Investment and Trading) had a vital interest, according to SEBI.
After investigating the case, SEBI issued a show-cause notice in April 2009 to Pendse, citing violations to its Prohibition of Fraudulent and Unfair Trade Practices Regulations. An order was passed by SEBI subsequently on 24 December 2012, which was challenged by Pendse before SAT.
Following SAT’s directions earlier this year, SEBI said, it gave an opportunity of personal hearing to Pendse and has passed the latest order after looking into all the facts of the case and submissions made before it.
SEBI ruled that Pendse has violated various provisions of the PFUTP Regulations and the Securities Contracts Regulation Act with his illegal transactions in scrips of HFCL, Telco, Infosys and SSI.
Anti-depressants reduce feeding in starlings, contraceptive drugs slash fish population and male fish have been seen to be feminised thanks to oestrogen contamination…
Taking drugs mindlessly could have serious repercussions. First comes the well-documented adverse drug reactions (ADRs) that have been shown to be one of the leading causes of death in the West where they do routine audits. ADRs also produce wide spread morbidity, which needs to be treated as inpatients. It is estimated that 6.5% of hospital admissions in the National Health Service (NHS) in a small country like the UK is due to ADR. ADR costs the NHS £2 billion a year!
Compass, an audit body, estimates that "now is the time for a debate about costs and policies about which drugs the healthcare service can afford, as people are paying infinitely higher prices. Drug bill to the NHS now stands at £11 billion - for increasingly marginal rewards and higher risk from adverse drug reactions." But who cares? The profits from the top four pharmaceutical companies on the Fortune 500 are humungous.
What is now being increasingly discussed is how chemical drugs inflict dangerous long term environmental damages too. Vultures in India were virtually wiped out by the anti-inflammatory drugs given to cattle on whose carcasses they feed.
Synthetic oestrogens used in birth control pills almost killed the whole lot of fathead minnows in lakes in Ontario resulting in serious environmental ecosystem. A new research just published in the Royal Society Journal says a dangerous story. Potent pharmaceuticals in human and animal sewage could be the unknown cause of global wildlife crisis. Worldwide use of drugs, which are active even in very small amounts could have hitherto unknown consequences on the environment.
There are very few studies on the effect of drugs on wildlife. A new study shows that an anti-depressant reduces feeding in starlings and that a contraceptive drug slashes fish populations in lakes.
Kathryn Arnold, at the University of York, who edited a special issue of the journal Philosophical Transactions of the Royal Society B says that “given the many benefits of pharmaceuticals, there is a need for science to deliver better estimates of the environmental risks they pose. Given that populations of many species living in human-altered landscapes are declining for reasons that cannot be fully explained, we believe that it is time to explore emerging challenges, such as pharmaceutical pollution.”
Research published in September revealed half of the planet’s wild animals had been wiped out in the last 40 years. In freshwater habitats, where drug residues are most commonly found, the research found 75% of fish and amphibians had been lost. Male fish have been seen to be feminised thanks to oestrogen contamination of waters. Inter-sex frogs have recently been spotted in lakes contaminated by waste water. All in all, the drug menace on the environment seems to be threatening to explode as the next major environmental danger.
(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London.)
The New Delhi District Consumer Disputes Redressal Forum, presided by CK Chaturvedi, asked Taneja Developers and Infrastructure to pay Rs19.5 lakh to Nirmal Singh for not delivering him the promised plot of land, saying the company engaged in ‘unfair trade practice’. The Forum held that the evidence filed by the firm was false and fabricated.
“... It appears that the opposite party (firm) acted as collection agent to collect the money from various consumers without any approval or construction activities or development at site which act clearly falls under... unfair trade practice, which deliberately pretended to sell plot through provisional allotment printed documents and misled the consumer as well as Forum,” the Forum’s bench, comprising its members SR Chaudhary and Ritu Garodia, said.
The Forum also said it was transparent from the activities of the firm and its officials that they adopted the delaying tactics for not delivering the plot to Mr Singh, despite several requests and correspondence exchanged between them. “OP is directed to refund Rs17 lakh... and we also award Rs2 lakh as compensation for harassment and Rs50,000 as litigation charges,” the Forum’s order said.
Mr Singh told the Forum that he had booked a plot of 204sq yd of commercial space at Mohali (Punjab) and had paid the firm Rs17 lakh for provisional allotment in 2008. He was supposed to get the possession within 12 months. The firm did not develop the proposed site and, on 6 April 2010, Mr Singh received a letter regarding allotment of a plot whose size was reduced from the size promised in the provisional allotment. The firm also raised additional financial demand for the plot. Aggrieved by this, Mr Singh complained to the Forum.