Financial Daily from THE HINDU group of publications
Wednesday, Mar 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 10, 2004 |
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Money & Banking
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Private Banks TMB told to extend time limit for filing proxies at AGM Our Legal Correspondent
Chennai , March 9 THE Madras High Court on Tuesday directed Tamilnad Mercantile Bank, whose annual general meeting is scheduled to be held on March 12, to extend the time limit for filing of proxies by the shareholders of the company up to 24 hours of the scheduled time of the meeting, instead of 48 hours as stipulated by the company. Responding to the submission of the counsel for seven persons belonging to the Nadar community, who had acquired 34 per cent of the shares from Mr C. Sivasankaran, , a Division Bench held that the annual general meeting would go on as scheduled. According to a submission made on behalf of the board of directors , a committee set up to go into the question of registering the shares was not in a position to approve the deal because of the provisions of the February 16 agreement. The committee would refer the matter to the Reserve Bank of India.
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