Date extended for transfer of TMB shares

By Our Special Correspondent

CHENNAI, JAN. 10. The Sterling group of Mr. C. Sivasankaran has given yet another breather to Nadar Mahajana Bank Share Investors' Forum to pay the agreed money to return the 67.29 per cent shares it had acquired from the Ruias of the Essar group in Tamilnad Mercantile Bank (TMB) to the community. A release from the forum claimed that Mr. Sivasankaran had now extended the deadline for payment of Rs.155 crores for transferring these `disputed shares' to the community to March end.

According to the release, the Forum had so far paid Rs. 60 crores to the Sterling group. It was hopeful of collecting another Rs. 30 crores. This was based on commitment from three major business groups from the community (which had contributed Rs. 5 crores) to chip in with another Rs. 15 crores. The forum was also hoping to raise Rs.15 crores from bank employees.

If one were to go by the Forum, efforts were on to rope in some institutional investors to raise another Rs. 45 crores.

The release had assured the community members who had chipped in with their contributions for retrieval of the bank that they would be dispatched share certificates by April this year. Each share is valued at Rs. 8,250. The forum, the release said, had also requested the bank board, dominated by its nominees, to recommend a bonus issue.

Send this article to Friends by E-Mail

Section  : Business
Previous : Good response to HUDCO bond issue
Next     : State electricity boards: Darkness at noon