The Delhi high court on Thursday rejected the plea of former managing director of Tata Finance Ltd, D S Pendse, for lifting six months stipulation for completing the trial in a case relating to violation of Securities and Exchange Board of India norms and causing loss of about Rs 9.5 crore (Rs 95 million) to the company.
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The application to modify the April 30 order of the high court was dismissed by Justice B N Chaturvedi.
According to the complaint, Pendse contracted with stock broker Rajinder Jhunjhunwalla for sale and purchase of 85,000 shares of Global Tele Systems when he was the director of TFL subsidiary Inshallah Investment Ltd.
Both of them are in judicial custody for over six months on alleged charges of cheating and misappropriation of funds.
Pendse is facing trial in another case for allegedly misappropriating funds of IIL. He has been accused of issuing cheques worth Rs 2 crore (Rs 20 million) to brokers for personal transaction.