Pendse was surrounded by controversy when the Securities and Exchange Board of India (SEBI) barred him from the capital market for manipulations at the time of the firms' right issue in 2001. Photograph: (AFP)
Former Tata Finance managing director Dilip Pendse reportedly committed suicide at his office in Mumbai on Wednesday. He was 61.
The timing of the suicide has been stated between 9.30 am and 2.30 pm.
Police said they found a suicide note that stated “personal issues” as the reason behind the suicide.
"Suicide note found cites reason 'frustrated due to personal life issues'," the Mumbai Police Public Relations Officer (PRO) said, according to ANI.
"It is a suicide. He was found hanging at his office. An investigation is underway," the PRO further said.
The suicide is believed to have taken place at his ground floor office of 'Royal Breeze' building where he was staying on the first floor.
Pendse was surrounded by controversy since long.
Since 2001, the Securities and Exchange Board of India (SEBI) barred him from the capital market for manipulations at the time of the firms' right issue.