His body was hanging from a ceiling fan and a suicide note was recovered in which he has mentioned "personal reasons" and "frustrations due to personal life issues" for the extreme step.
The Matunga police suspect he must have committed suicide between 9.30 a.m.-2.30 p.m. at his residence near the Swaminarayan Temple in Dadar east.
They have registered an accidental dearth report and sent the body for an autopsy to Sion Hospital.
Pendse, 61, had several brushes with the law in the past and was arrested in 2003 by the Delhi Police for certain fraudulent transactions and had been jailed for a brief period then.
Last year, Pendse and some others were barred by markets watchdog Sebi for two years for certain illegal transactions in another case.
Following a high-profile tiff with the Tata group, he had been removed from the Tata Finance top post of MD way back in 2001.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.