Former Managing Director of Tata Finance Dilip Pendse committed suicide in his Mumbai office on Wednesday, The Times of India reported quoting police officials. Pendse ended his life sometime between 9.30 am and 2.30 pm on Wednesday, at his ground floor office of a building named Royal Breeze.

Police also discovered a suicide note, in which Pendse said that “personal reasons” were responsible for his decision to commit suicide.

The Securities and Exchange Board of India had in June 2016 barred Pendse and three other entities from the capital market for three years, for illegal transactions at the time of Tata Finance’s rights issue of shares in 2001. The case related to a complaint by Tata Finance with Sebi in 2002, following which the latter carried out an investigation into the company’s rights issue.

Sebi had probed Pendse and come to the conclusion that he conducted illegal transactions in the scrips of Himachal Futuristic Communications Ltd, Tata Motors and Infosys. Sebi had also said that these transactions were conducted by Pendse in complicity with two brokers.