Five top executives of Tata Finance sacked

NEW DELHI, JULY 25. The Tatas today said they have sacked five top executives in its finance company, Tata Finance, following discovery of unauthorised transactions that are reported to have cost them about Rs. 80 crores.Tata officials said the extent of losses were being determined for which an independent chartered accountant firm has been contracted after the termination of the services of the five executives on Friday.

While declining to divulge the names of the executives who have been sacked, a spokesperson said all of them were of the rank of either executive president or vice-president, admitting that the board of directors of TFL has recently discovered certain unauthorised financial transactions undertaken by "the then management of TFL led by the former managing director Mr. Dilip S. Pendse," a Tatas' statement said "the board of TTL, backed by its promoters - the Tata group - will ensure that TFL meets its financial obligations to its lenders and depositors."

The unauthorised transactions include interalia diversion of funds to TFL's subsidiary Nishkalp Investment and Trading Co. (Nishkalp)

- PTI

Send this article to Friends by E-Mail

Section  : Business
Previous : The US-64 scheme - stay with it
Next     : Sending e-mail without PC