Financial Daily from THE HINDU group of publications
Thursday, Mar 11, 2004
Financial Daily from THE HINDU group of publications Thursday, Mar 11, 2004 |
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Money & Banking
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Private Banks Decks cleared for TMB board meet Our Bureau
Chennai , March 10 THE legal and technical issues appear to have been sorted out for the conduct of the Tamilnad Mercantile Bank's annual general meeting. The Nadar Mahajana Bank Share Investors' Forum chairman's counsel, Mr P.H. Arvindh Pandian, reported to the Company Law Board today the status on the handing over of the 33 per cent equity of the bank to individual members of the Nadar community. The conduct of the annual general meeting and procedural formalities will be vested with the Chairman of the meeting, a retired High Court judge, Mr S. Ramalingam. According to sources, nearly 95 per cent of the shares, including 33 per cent of the bank's equity, purchased from Mr C. Sivasankaran, have been handed over to the individual shareholders. A Division Bench of the High Court on Tuesday ordered that the annual general meeting would continue as scheduled and extended the time limit for filing of proxies by the shareholders up to 24 hours of the scheduled time instead of 48 hours as stipulated by the company. The annual general meeting will be for 1997 - 2003 at Tuticorin on Friday. Over 50 members are seeking election to the board of directors, which now has 10 vacancies.
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