The Delhi high court on Thursday granted interim bail to D S Pendse, former managing director of Tata Finance Limited, against whom a non-bailable warrant was issued for alleged involvement in the misappropriation of Rs 2 crore (Rs 20million) in a group company.
While granting interim bail to Pendse till February 11, Justice R C Chopra directed the former TFL MD to join the investigation within four days and surrender his passport with the investigating officer of the case.
The court said if Pendse is arrested he has to be released on furnishing a bail bond of Rs 500,000 and a surety of like amount.
Pendse had filed the anticipatory bail plea contending that the criminal case registered against him was wrong as the transaction in question was purely civil in nature.
Senior advocate D C Mathur, appearing for Pendse said that complaint against his client was registered in Delhi as nothing has come out of the investigation on a similar complaint of alleged misappropriation of crores of rupees in Mumbai.
TFL's counsel Arun Jaitley had opposed the bail plea contending that Pendse's custodial interrogation was necessary, as he was not co-operating in the investigation of the case. His bail plea was rejected by a Sessions Court on Monday.
Delhi Police had initiated investigation against Pendse on a complaint filed on behalf of Inshaallah Investment Ltd, a TFL subsidiary, in September last year alleging that the former MD had issued cheques worth Rs 2 crore to brokers for payment of personal transactions of a former TFL director.
A case of cheating, forgery, criminal conspiracy and misappropriation of funds of IIL was registered against him.