the “TFL [Tata Finance Limited] board knew
everything that Pendse did. None of these
transactions could have taken place without
their connivance.”15 Since certain members of
the Tata Finance board were close associates
of Ratan Tata and other top Tata Group executives, this conclusion appeared to corroborate
Pendse’s testimony that Tata Group’s senior
management had been aware of the fnancial
wrongdoing at Tata Finance.