In interviews with the media, Ratan Tata maintained that he and his top subordinates at the Tata Group had not been aware of the fraudulent Tata Finance transactions. However, Dilip Pendse staunchly insisted that he had kept Ratan Tata and
other Tata Group executives informed of those transactions. According to Pendse,
who was employed by Tata Finance for nearly 25 years, he had met with Ratan Tata
every Wednesday to discuss Tata Finance’s financial affairs. Pendse also revealed
that a fnancial report prepared for Tata Finance had included a candid discussion of
the controversial ICD transactions and their impact on the company’s fnancial condition. However, according to Pendse, a Tata Finance board member who had close
ties to key Tata Group executives had deleted that discussion before the fnancial
report was released to the public.