Financial Daily from THE HINDU group of publications
Saturday, Mar 20, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 20, 2004 |
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Money & Banking
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Private Banks CLB `go ahead' for new TMB directors Our Bureau
Chennai , March 19 THE Company Law Board (CLB) has directed that the 10 elected members of the Tamilnad Mercantile Bank can now discharge their duties, according to reliable sources. This follows the submission of a report to the CLB of the proceedings of the bank's annual general meetings for the seven-year period between 1997 and 2003 and the elections to the board conducted at Tuticorin on March 12. The report was submitted by the Chairman of the meeting, Mr S. Ramalingam, a retired judge of the High Court. The bank's board now consists of 14 members including two nominated by the Reserve Bank of India and two by the Central Government. The CLB has said that four nominated members will also continue on the board. It has said that the Government nominees will continue till the main petition on the Tamilnad Mercantile Bank issue is disposed of by it, and the RBI nominees will continue according to the directions of the Reserve Bank, according to the sources.
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