TMB yet to pay Rs 70 cr dividend to shareholders

Tamilnad Mercantile Bank (TMB), which has been declaring a high level of dividends to its shareholders, has not paiddividend to the tune of Rs 70 crore to its shareholders, as four annual general meetings (AGM) of the bank were not held due to legal disputes between the shareholders.

Shareholders from the bank said since AGMs for 2009-10, 2010-11, 2011-12 and 2012-13 were not held, the bank did not pay dividend to the tune of Rs 70 crore to them. The AGMs were not held since shareholders, including foreign institutional investors (FIIs), are fighting over voting rights at various courts.

The latest development is that FII holdings to the tune of 32 per cent had been frozen by the Madurai bench of the Madras High Court and recently, one of the shareholders filed a petition at the Madras High Court related to the tenure of additional directors in the bank.

Sandip Ginodia , Director

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