The Hindu Business Line : Tamilnad Mercantile AGM on April 11

Chennai, Feb. 26 The annual general meeting of Tamilnad Mercantile Bank is slated to be held on April 11, where it is expected that a new board of directors will be elected. Members of the Nadar Mahajana Sabha Bank Share Investors’ Forum, which had initially opposed the seven foreign investors taking 24.5 per cent stake in the bank, on Tuesday today told presspersons that they were comfortable with the presence of foreign investors.

They would look forward towards the future of the bank. Among the immediate tasks are an IPO and enlarging branch network.

Members of the forum expressed unhappiness against Mr Ramachandra Adityan, who they said, got allotted the bank shares for himself and his associates out of the funds collected from members of the Nadar community. However, they said Mr Adityan had agreed to transfer 8.62 per cent of his holding to those who paid for the shares.

The AGM, the first to be held in several years, would also consider a bonus issue and a rights issue. Also, as per an agreement between the forum and the foreign investors, the latter will “promote a foundation to help in the development of the Nadars in the fields of education, medical and rural development schemes.”

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