New Delhi: Former managing director (MD) of Tata Finance Ltd (TFL) D S Pendse, arrested in connection with his alleged involvement in misappropriation of around Rs two crore in group company, was on March 8 remanded to 10 days' judicial custody by a Delhi Court.

Metropolitan magistrate S S Rathi remanded Pendse to judicial custody till March 22, after police told the court that they have completed his custodial interrogation.

Delhi police had initiated investigation against Pendse on a complaint filed on behalf of Inshaallah Investment Ltd (IIL), a TFL subsidiary, in September last year alleging that the former MD had issued cheques worth Rs two 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.

The former TFL MD was arrested on February 25 after his repeated attempt to secure anticipatory bail had failed.

Earlier, police had claimed that during the custodial interrogation, they had identified some of the properties belonging to Pendse.

PTI