NEWS & ADVICE : FIXED DEPOSITS
Tamilnad Mercantile Bank in fix over Ramesh Vangal's shareholding
By Neelima Shankar
Sep 14, 2010
Print    Email    RSS   

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.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Fixed Deposits: Safest instrument to invest
ICICI Bank’s recurring deposit scheme
Investment options to Save Tax under...
FDs or Equity? Which suits you best?
Infrastructure bonds: another tax saving...


how can i find status of my SBI TDR/STDR my bank...
as sr citizen i deposit 40lacs i want to know how...
Escorts in panchkula......9872814230???
I was deposit Rs,200000,00 by Mis self sbi saving...

NEWS THIS WEEK
IDBI bank denied for the offer of the merger with the UBI bank Jul 29, 2014
Karnataka Bank signed MOU with Star Ari warehousing and Collateral Management Jul 28, 2014
Registration for the common banking entrance exam have started Jul 24, 2014
New Corp excel branch in Bangalore Jul 23, 2014
EPFO to allot universal account number to its members Jul 22, 2014
News Archive