The board of Tamilnad Mercantile Bank (TMB) has been facing regular hassles regarding ownership and from the part of dubious shareholders. Now the troubled bank is set with a new problem regarding celebrity shareholder, Ramesh Vangal. The issue is regarding the question whether Vangal is still a shareholder of the bank or not.
The board of the bank had received a letter from Standard Chartered Bank some time back which stated that Vangal had sold off his stake with TMB to StanChart. But the very same day, a letter was received from the part of Vangal saying that he still held the shares of TMB.
Both letters were sent to RBI. Another board meeting is now scheduled regarding this issue in the coming few weeks.
We are awaiting RBI's response. While the sale deed shows a transfer of shares, Mr Vangal claims he hasn't sold any shares," a senior TMB official said.
Vangal was president, Asia Pacific for PepsiCo Foods and also a member of PepsiCo's worldwide executive council before holding the chairmanship of Katra Group.