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`Mercantile bank shares not for outsiders'

By Our Staff Reporter

CHENNAI DEC. 2. The Nadar Mahajana Sangam has demanded that shares of the Tamil Nadu Mercantile Bank be made available only to members of the community and not to outsiders.

At a press conference today, G. Karikolraj, general secretary, alleged that the board of directors planned to hand over 34 per cent of the shares to a non-resident Indian without the knowledge of the association, which represented the Nadar community for whom the bank had been set up.

He also demanded that the board of directors be dissolved and fresh elections held.

The treasurer, R. Sudharsan, said the Tamil Nadu Mercantile Bank had been established by the Nadar community to serve its members in education, employment and social security. The community lost its hold on the bank over the years, but eventually gained enough resources to recover a significant portion of its shares. The Sangam later appointed a retrieval forum to gain complete control over the bank. However, the forum and the board of directors joined hands with the NRI to hand over the remaining shares to him, Mr. Sudharsan charged. ``The forum went against our norms and conditions.'' P. Mahendravel, joint general secretary, said the bank had been started with the intention of serving the community. The by-laws even said two per cent of the bank's revenue should be utilised for the community.

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