Share price at the NSE close on 23 Oct 2026. Previous close ₹841.25.
- Next results date: the board meets on 26 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹12,678 Cr543rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 27 Jul 2026
- 8.8
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 27 Apr 2026
- 1.3
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.56%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 27 Jul 2026
- 15.1%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 3.85%
- Gross NPAGross NPA, non-performing loans. Gross non-performing loans as a percentage of all loans, as the bank states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, where the figure is outside what it can be, where the filing's own amounts show it written on another scale or rounded to the whole per cent, where it is 0 for a bank that lends, or where it is below the net share. At the end of Jun 2026.
- 0.69%
- Net NPANet NPA, non-performing loans. Net non-performing loans as a percentage of loans, as the bank states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, where the figure is outside what it can be, where the filing's own amounts show it written on another scale or rounded to the whole per cent, where it is 0 for a bank that lends, or where it is above the gross share. At the end of Jun 2026.
- 0.17%
- CET1Common equity tier 1 ratio. The bank's core capital, mostly shareholders' money, as a percentage of its loans and other assets weighted by risk, as the bank states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, or where the figure is outside what it can be. At the end of Jun 2026.
- 31.30%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026.
- 1.89%
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,98,51549.5% delivered
Tamilnad Mercantile Bank board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonKrishnaswamy Ramachandran
- Managing director and CEOSalee Sukumaran Nair
- Company Secretary and Compliance OfficerSwapnil Yelgaonkar
14 directors6 independent2 executive6 non-executive
- Krishnaswamy Ramachandran · ChairpersonIndependent · joined Jun 2025 · reappointed Jun 2025 · 12 months as independent · 1 listed board · 1 as independent
- Salee Sukumaran Nair · Managing director and CEOExecutive · joined Aug 2024 · 1 listed board · 1 committee seat
- Vincent Menachery DevassyExecutive · joined Sep 2024 · 1 listed board · 1 committee seat
- Niranjan Sankar AnnamalaiNon-executive · joined Oct 2020 · 2 listed boards · 2 committee seats, 2 as chair
- Kumarabommarajpuram Venkata Rama MoorthyNon-executive · joined Jul 2024 · 1 listed board
- Chandrasekaran ChiranjeevirajIndependent · joined Jul 2021 · reappointed Jul 2021 · 59 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Srirengarajan SridharanIndependent · joined Feb 2024 · reappointed Feb 2024 · 28 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Deepak Shankar Ramesh PrabhuIndependent · joined Jul 2024 · reappointed Jul 2024 · 23 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Rajkumar KanagavalliIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 1 listed board · 1 as independent
- Arumugasami ShidambaranathanIndependent · joined Apr 2025 · reappointed Apr 2025 · 15 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Shanmugam Rajendran AravindkumarNon-executive · joined Nov 2025 · 1 listed board · 1 committee seat
- Ravindran KodeeswaranNon-executive · joined Nov 2025 · 1 listed board
- Chittur Subramanian Ram KumarNominee, non-executive · joined Oct 2022 · 1 listed board · 1 committee seat
- Visvanathan SrinivasanNominee, non-executive · joined Dec 2025 · 1 listed board · 1 committee seat
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
5 directors who left
- Thomas Mathew, left 19 Dec 2025: Others
- Shanmugam Rajendran Ashok, left 27 Oct 2025: Tenure Completion
- Dhanushkodi Nithyanandam Nirranjan Kani, left 27 Oct 2025: Tenure Completion
- Prabaharan B, left 11 Jun 2025: Others
- Ezhil Jothi S, left 26 Mar 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 18 Jun 202614 of 14 present6 independent · 12 days in between
- 5 Jun 202614 of 14 present6 independent · 21 days in between
- 14 May 202614 of 14 present6 independent · no day in between
- 13 May 202612 of 14 present6 independent · 15 days in between
5 earlier meetings
- 27 Apr 202614 of 14 present6 independent · 33 days in between
- 24 Mar 202614 of 14 present6 independent · 28 days in between
- 23 Feb 202614 of 14 present6 independent · 18 days in between
- 4 Feb 202614 of 14 present6 independent · 22 days in between
- 12 Jan 202614 of 14 present6 independent
Audit Committee
Chair Chandrasekaran Chiranjeeviraj
Srirengarajan Sridharan, Arumugasami Shidambaranathan, Chittur Subramanian Ram Kumar, Visvanathan Srinivasan
- 25 Jun 20265 of 5 present3 independent · 33 days in between
- 22 May 20265 of 5 present3 independent · 24 days in between
- 27 Apr 20265 of 5 present3 independent · 30 days in between
- 27 Mar 20264 of 5 present3 independent · 24 days in between
3 earlier meetings
- 2 Mar 20265 of 5 present3 independent · 25 days in between
- 4 Feb 20265 of 5 present3 independent · 25 days in between
- 9 Jan 20265 of 5 present3 independent
Nomination and remuneration committee
Chair Arumugasami Shidambaranathan
Niranjan Sankar Annamalai, Chandrasekaran Chiranjeeviraj, Srirengarajan Sridharan, Krishnaswamy Ramachandran
- 26 May 20265 of 5 present4 independent · 77 days in between
- 9 Mar 20265 of 5 present4 independent
Stakeholders Relationship Committee
Chair Niranjan Sankar Annamalai
Salee Sukumaran Nair, Vincent Menachery Devassy, Chandrasekaran Chiranjeeviraj, Deepak Shankar Ramesh Prabhu, Shanmugam Rajendran Aravindkumar
- 3 Jun 20266 of 6 present2 independent · 98 days in between
- 24 Feb 20265 of 6 present2 independent
Risk Management Committee
Chair Srirengarajan Sridharan
Salee Sukumaran Nair, Vincent Menachery Devassy, Kumarabommarajpuram Venkata Rama Moorthy, Chandrasekaran Chiranjeeviraj, Rajkumar Kanagavalli, Krishnaswamy Ramachandran, Chittur Subramanian Ram Kumar
- 2 Jun 20268 of 8 present4 independent · 84 days in between
- 9 Mar 20268 of 8 present4 independent · 27 days in between
- 9 Feb 20267 of 8 present4 independent
Corporate Social Responsibility Committee
Chair Niranjan Sankar Annamalai
Salee Sukumaran Nair, Chandrasekaran Chiranjeeviraj, Deepak Shankar Ramesh Prabhu, Arumugasami Shidambaranathan, Shanmugam Rajendran Aravindkumar, Ravindran Kodeeswaran
- 24 Feb 20267 of 7 present3 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditors
Named in the results for the quarter to Jun 2026.
- Chandran and RamanPeer-review certificate valid to Apr 2027
- Sundaram and SrinivasanPeer-review certificate valid to Sep 2027
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Tamilnad Mercantile Bank AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Tamilnad Mercantile Bank dividend history
Annual general meeting, 14 Jul 2026
1,23,309 shareholders on the register on 7 Jul 2026; present: 0 promoters and 223 others; votes counted by D Saravanan / Alagar and Associates LLP.The company's voting result (opens in a new tab)
- To adopt the Audited Financial Statements, Directors’ Report and Auditor’s Report thereon for the Financial Year 2025-26Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.07% · other public 0.01%
Turnout: all 46.27% · promoters 0.00% · institutions 80.30% · other public 43.15%
- To re-appoint Thiru. K. V. Rama Moorthy (DIN: 07034994) as a Non-Executive Director who retires by rotation and being eligible, offers himself for re-appointmentOrdinary99.32% for0.68% against
Against: promoters 0.00% · institutions 4.38% · other public 0.04%
Turnout: all 46.38% · promoters 0.00% · institutions 81.64% · other public 43.15%
- To approve and declare the Final Dividend for the Financial Year 2025-26Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 46.38% · promoters 0.00% · institutions 81.64% · other public 43.15%
To re-appoint M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (Firm Registration No. 004207S) and M/s. Chandran & Raman, Chartered Accountants, Chennai (Firm Registration No. 000571S) as Joint Statutory Central Auditors of the Bank for the Financial Year (Tax Year) 2026-2027 and fix their remunerationsMoreLess
Ordinary98.88% for1.12% againstAgainst: promoters 0.00% · institutions 7.52% · other public 0.01%
Turnout: all 46.38% · promoters 0.00% · institutions 81.64% · other public 43.15%
- To appoint Branch Auditors of the Bank and fix their remunerationOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.02% · other public 0.01%
Turnout: all 46.38% · promoters 0.00% · institutions 81.64% · other public 43.15%
- Re-appointment of Thiru. C. Chiranjeeviraj (DIN: 08730382) as Non-Executive Independent Director of the BankSpecial96.81% for3.19% against
Against: promoters 0.00% · institutions 21.58% · other public 0.01%
Turnout: all 46.38% · promoters 0.00% · institutions 81.64% · other public 43.15%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 28 Dec 2025, 3 resolutions
1,25,458 shareholders on the register on 24 Nov 2025; votes counted by V Suresh / V Suresh Associates.The company's voting result (opens in a new tab)
- 1 - To appoint Thiru.S.R.Aravind Kumar (DIN: 02145836) as a Non-Executive Non-Independent Director of the BankOrdinary96.94% for3.06% against
Against: promoters 0.00% · institutions 21.72% · other public 0.04%
Turnout: all 39.18% · promoters 0.00% · institutions 76.82% · other public 36.30%
- 2 - To appoint Thiru.R. Kodeeswaran (DIN: 00466141) as a Non-Executive Non-Independent Director of the BankOrdinary87.63% for12.38% against
Against: promoters 0.00% · institutions 21.72% · other public 10.87%
Turnout: all 39.18% · promoters 0.00% · institutions 76.82% · other public 36.30%
- 3 - To approve alteration of the Articles of Association (AOA) of the BankSpecial99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 39.16% · promoters 0.00% · institutions 76.82% · other public 36.29%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 30 Oct 2025, 1 resolution
1,30,609 shareholders on the register on 25 Sep 2025; votes counted by Sri Vidhya Kumar / S.A.E & Associates LLP.The company's voting result (opens in a new tab)
To approve the appointment of Thiru.K.Ramachandran, (DIN:08589628) Independent Director as Non-Executive (Part-Time) Chairman of the Bank with a remuneration of Rs.18 Lakh per annum payable on monthly basis i.e. Rs.1.50 LakhMoreLess
Ordinary99.84% for0.16% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 21.32% · promoters 0.00% · institutions 84.81% · other public 16.71%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 8 Aug 2025, 7 resolutions
1,30,962 shareholders on the register on 1 Aug 2025; present: 0 promoters and 153 others; votes counted by D.Saravanan / Alagar & Associates LLP.The company's voting result (opens in a new tab)
- To adopt the Audited Financial Statements, Board's Report and and Auditor’s Report for the Financial Year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.44% · promoters 0.00% · institutions 84.48% · other public 42.63%
- To re-appoint Shri.A.Niranjan Sankar (DIN:00084014) as a Non-Executive Director who retires by rotation and being eligible, offers himself for re-appointmentOrdinary97.94% for2.06% against
Against: promoters 0.00% · institutions 16.15% · other public 0.04%
Turnout: all 45.45% · promoters 0.00% · institutions 84.73% · other public 42.62%
- To approve and declare the final dividend for the financial year 2024-25Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.46% · promoters 0.00% · institutions 84.73% · other public 42.63%
To re-appoint M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (Firm Registration No. 004207S) and M/s. Chandran & Raman, Chartered Accountants, Chennai (Firm Registration No. 000571S) as Joint Statutory Central Auditors of the Bank and fix their remunerationsMoreLess
Ordinary99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.39% · other public 0.01%
Turnout: all 45.46% · promoters 0.00% · institutions 84.73% · other public 42.63%
- To appoint branch auditors of the Bank and fix their remunerationOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.46% · promoters 0.00% · institutions 84.73% · other public 42.63%
- To appoint Shri.K.Ramachandran (DIN: 08589628) as an Independent Director of the BankSpecial99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 45.46% · promoters 0.00% · institutions 84.73% · other public 42.63%
- Appointment of M/s. SPNP & Associates, Practicing Company Secretaries as Secretarial Auditors and fix their remunerationOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.46% · promoters 0.00% · institutions 84.73% · other public 42.63%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 4 Jun 2025, 1 resolution
1,33,177 shareholders on the register on 30 Apr 2025; votes counted by M.Alagar / Alagar & Associates LLP.The company's voting result (opens in a new tab)
- Appointment of Shri.A.Shidambaranathan (DIN:02904738) as a Non-Executive Independent Director of the BankSpecial95.42% for4.58% against
Against: promoters 0.00% · institutions 36.09% · other public 0.07%
Turnout: all 40.58% · promoters 0.00% · institutions 77.12% · other public 38.01%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 12 Mar 2025, 2 resolutions
1,30,502 shareholders on the register on 31 Jan 2025; votes counted by P.Sriram / SPNP & Associates.The company's voting result (opens in a new tab)
- Approval and adoption of "Tamilnad Mercantile Bank Limited Employee Stock Option Plan 2024"[TMB ESOP 2024]Special90.97% for9.03% against
Against: promoters 0.00% · institutions 80.37% · other public 0.10%
Turnout: all 33.99% · promoters 0.00% · institutions 71.11% · other public 31.90%
Extension of the benefits under the "Tamilnad Mercantile Bank Limited Employee Stock Option Plan 2024 [TMB ESOP 2024]" to the Eligible Employees of its subsidiary companies, associate companies and group companies of Tamilnad Mercantile Bank LimitedMoreLess
Special90.91% for9.09% againstAgainst: promoters 0.00% · institutions 83.73% · other public 0.11%
Turnout: all 33.78% · promoters 0.00% · institutions 68.26% · other public 31.84%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 23 Dec 2024, 1 resolution
The company's voting result (opens in a new tab)
- Appointment of Shri.Vincent Menachery Devassy (DIN: 09850306) as the WholenTime Director (Executive Director) of the Bank and approval of his remunerationOrdinary99.73% for0.27% against
Against: promoters 0.00% · institutions 0.70% · other public 0.22%
Turnout: all 34.57% · promoters 0.00% · institutions 79.47% · other public 32.09%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 27 Sep 2024, 9 resolutions
Present: 0 promoters and 158 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the Audited financial statements of the Bank for the year ended March 31, 2024 together with the Reports of the Board of Directors along with its annexures and the Auditors Report thereonMoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.91% · promoters 0.00% · institutions 83.54% · other public 43.25%
- To re-appoint Shri.S.R.Ashok (DIN:07933713) as a Non-Executive Director who retires by rotation and being eligible, offers himself for re-appointmentOrdinary92.61% for7.39% against
Against: promoters 0.00% · institutions 58.06% · other public 0.44%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
- To approve and declare the final dividend of ¿10/- per equity share having face value of ¿10/- each (i.e. 100% of face value) for the financial year ended March 31, 2024Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
To appoint M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (Firm Registration No. 004207S) and M/s. Chandran & Raman, Chartered Accountants, Chennai (Firm Registration No. 000571S) as Joint Statutory Central Auditors of the Bank for the financial year 2024-25 i.e., from the conclusion of this 102nd Annual General Meeting until the conclusion of 103rd Annual General Meeting of the Bank, for a total remuneration of ¿24,00,000/- each and reimbursement of other out of pocket expensesMoreLess
Ordinary99.70% for0.30% againstAgainst: promoters 0.00% · institutions 2.39% · other public 0.01%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
To authorize the Board of Directors to appoint various statutory branch auditors to audit the accounts of the branches of the bank for the financial year 2024-25 and fix their remuneration in consultation with Joint Statutory Central AuditorsMoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
- Appointment of Shri.Salee Sukumaran Nair (DIN:09231101) as Managing Director and Chief Executive Officer of the Bank and approval of RemunerationOrdinary99.90% for0.10% against
Against: promoters 0.00% · institutions 0.69% · other public 0.01%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
- To appoint Shri.K.V.Rama Moorthy (DIN:07034994) as a Non-Executive Director of the BankOrdinary94.01% for5.99% against
Against: promoters 0.00% · institutions 46.18% · other public 0.47%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
- To appoint Shri.R.Deepak Shankar (DIN:05223027) as an Independent Director of the BankSpecial99.61% for0.39% against
Against: promoters 0.00% · institutions 0.00% · other public 0.45%
Turnout: all 45.90% · promoters 0.00% · institutions 83.74% · other public 43.22%
- To appoint Smt.R.Kanagavalli (DIN:00883998) as an Independent Director of the BankSpecial99.94% for0.06% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 45.91% · promoters 0.00% · institutions 83.74% · other public 43.23%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 14 Jul 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)
- To adopt the Audited Financial Statements, Directors’ Report and Auditor’s Report thereon for the Financial Year 2025-261 for0 against
- To re-appoint Thiru. K. V. Rama Moorthy (DIN: 07034994) as a Non-Executive Director who retires by rotation and being eligible, offers himself for re-appointment1 for0 against
- To approve and declare the Final Dividend for the Financial Year 2025-261 for0 against
To re-appoint M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (Firm Registration No. 004207S) and M/s. Chandran & Raman, Chartered Accountants, Chennai (Firm Registration No. 000571S) as Joint Statutory Central Auditors of the Bank for the Financial Year (Tax Year) 2026-2027 and fix their remunerationsMoreLess
Against Angel One Mutual Fund
- Angel One Mutual FundApproval proposed for a term other than 3 years, which is non-compliant with RBI Circular, which mandates appointment of auditors for continuous period of 3 years.
0 for1 against- To appoint Branch Auditors of the Bank and fix their remuneration1 for0 against
- Re-appointment of Thiru. C. Chiranjeeviraj (DIN: 08730382) as Non-Executive Independent Director of the Bank
Against Angel One Mutual Fund
- Angel One Mutual FundGovernance concern: Cooling off period of 3 years not served at the time of transition from Non-Executive Director to Independent Director. Audit Committee Chairperson and Auditors appointment is non-compliant with RBI Circular.
0 for1 against
Mutual fund votes, meeting of 28 Dec 2025, 1 fund house
- 1 - To appoint Thiru.S.R.Aravind Kumar (DIN: 02145836) as a Non-Executive Non-Independent Director of the Bank1 for0 against
- 2 - To appoint Thiru.R. Kodeeswaran (DIN: 00466141) as a Non-Executive Non-Independent Director of the Bank1 for0 against
- 3 - To approve alteration of the Articles of Association (AOA) of the Bank1 for0 against
6 earlier meetings
Mutual fund votes, meeting of 30 Oct 2025, 1 fund house
To approve the appointment of Thiru.K.Ramachandran, (DIN:08589628) Independent Director as Non-Executive (Part-Time) Chairman of the Bank with a remuneration of Rs.18 Lakh per annum payable on monthly basis i.e. Rs.1.50 LakhMoreLess
1 for0 against
Mutual fund votes, meeting of 8 Aug 2025, 1 fund house
- To adopt the Audited Financial Statements, Board's Report and and Auditor’s Report for the Financial Year 2024-251 for0 against
- To re-appoint Shri.A.Niranjan Sankar (DIN:00084014) as a Non-Executive Director who retires by rotation and being eligible, offers himself for re-appointment1 for0 against
- To approve and declare the final dividend for the financial year 2024-251 for0 against
To re-appoint M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (Firm Registration No. 004207S) and M/s. Chandran & Raman, Chartered Accountants, Chennai (Firm Registration No. 000571S) as Joint Statutory Central Auditors of the Bank and fix their remunerationsMoreLess
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundNo concern on merit, competence, eligibility of appointees. Non-Compliance: Approval proposed for only 1 year as approved by RBI although RBI itself has mandated appointment for continuous 3 years.
0 for1 against- To appoint branch auditors of the Bank and fix their remuneration1 for0 against
- To appoint Shri.K.Ramachandran (DIN: 08589628) as an Independent Director of the Bank1 for0 against
- Appointment of M/s. SPNP & Associates, Practicing Company Secretaries as Secretarial Auditors and fix their remuneration1 for0 against
Mutual fund votes, meeting of 4 Jun 2025, 2 fund houses
- Appointment of Shri.A.Shidambaranathan (DIN:02904738) as a Non-Executive Independent Director of the Bank
Against HDFC Mutual Fund, ICICI Prudential Mutual Fund
- HDFC Mutual FundA. Shidambaranathan, 61, is a practicing Chartered Accountant. He served as independent director of Tamilnad Mercantile Bank from October 2011 to December 2018. He has also served as Vice President of Tamilnad Mercantile Bank from December 2018. Further, the red herring prospectus states that on 14 August 2020, a penalty of Rs 1 mn was imposed on A. Shidambaranathan by the ED for his involvement in unauthorized equity share transfers of the bank to non-residents, violating FEMA and TISPRO regulations. We do not support his appointment.
- ICICI Prudential Mutual FundShidambaranathan, 61, is a practicing Chartered Accountant from 1987 till Dec 2018 and since December 2021. He served as independent director of Tamilnad Mercantile Bank from October 2011 to December 2018. He has also served as Vice President of Tamilnad Mercantile Bank from December 2018. Mr. A. Shidambaranathan was the Vice-President of the Bank till 2020-21, as per the disclosure provided in the Annual Report 2020-21. This brings the independence of director under question. Further, the red herring prospectus states that on 14 August 2020, a penalty of Rs 1 mn was imposed on A. Shidambaranathan by the ED for his involvement in unauthorized equity share transfers of the bank to non-residents, violating FEMA and TISPRO regulations – other directors were also subjected to this penalty. He is also a noticee in an ongoing ED inquiry concerning the issuance of bonus shares of the bank to holders of disputed shares, alleged to be in contravention of FEMA regulations. AMC is unable to determine the impact of these litigations on the bank and how A. Shidambaranathan meets the RBI fit and proper criteria with ED inquiries pending against him.We do not support this resolution due to lack of clarity
0 for2 against
Mutual fund votes, meeting of 12 Mar 2025, 2 fund houses
- Approval and adoption of "Tamilnad Mercantile Bank Limited Employee Stock Option Plan 2024"[TMB ESOP 2024]
Against HDFC Mutual Fund, ICICI Prudential Mutual Fund
- HDFC Mutual FundLack of clarity on the pricing of ESOPS which could be at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
- ICICI Prudential Mutual FundUnder TMB ESOP 2024, the bank proposes to issue upto 1,583,514 stock options – the scheme involves fresh issue of shares by the bank. The overall dilution of the scheme is 1% on the issued capital as on 31 December 2024. The vesting will be time based. The exercise price will be at the discretion of the Compensation Committee and can range from market price to the face value (Rs.10.0) of the shares. If granted at face value, it represents a discount of 97.6% on the current market price (Rs. 418.1 closing price as on 17 February 2025).If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. In the absence of adequate disclosures on determination of price of ESOPs and the maximum caps for individual employees, we vote against the resolution.Hence, the AMC has voted against the resolution.
0 for2 against Extension of the benefits under the "Tamilnad Mercantile Bank Limited Employee Stock Option Plan 2024 [TMB ESOP 2024]" to the Eligible Employees of its subsidiary companies, associate companies and group companies of Tamilnad Mercantile Bank LimitedMoreLess
Against HDFC Mutual Fund, ICICI Prudential Mutual Fund
- HDFC Mutual FundLack of clarity on the pricing of ESOPS which could be at a significant discount to market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
- ICICI Prudential Mutual FundThrough resolution #2, the bank seeks approval to extend the TMB ESOP 2024 to eligible employees of subsidiaries, associate and group companies. Our view on this resolution is linked to our view on resolution #1. Further, the AMC support extension of stock option schemes to unlisted subsidiaries, the AMC do not support such extension to associate or group companies.
0 for2 against
Mutual fund votes, meeting of 23 Dec 2024, 2 fund houses
- Appointment of Shri.Vincent Menachery Devassy (DIN: 09850306) as the WholenTime Director (Executive Director) of the Bank and approval of his remuneration2 for0 against
Mutual fund votes, meeting of 27 Sep 2024, 10 fund houses
To receive, consider and adopt the Audited financial statements of the Bank for the year ended March 31, 2024 together with the Reports of the Board of Directors along with its annexures and the Auditors Report thereonMoreLess
10 for0 against- To re-appoint Shri.S.R.Ashok (DIN:07933713) as a Non-Executive Director who retires by rotation and being eligible, offers himself for re-appointment10 for0 against
- To approve and declare the final dividend of ¿10/- per equity share having face value of ¿10/- each (i.e. 100% of face value) for the financial year ended March 31, 202410 for0 against
To appoint M/s. Sundaram & Srinivasan, Chartered Accountants, Chennai (Firm Registration No. 004207S) and M/s. Chandran & Raman, Chartered Accountants, Chennai (Firm Registration No. 000571S) as Joint Statutory Central Auditors of the Bank for the financial year 2024-25 i.e., from the conclusion of this 102nd Annual General Meeting until the conclusion of 103rd Annual General Meeting of the Bank, for a total remuneration of ¿24,00,000/- each and reimbursement of other out of pocket expensesMoreLess
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on merit, competence, eligibility of appointees. Non-Compliance: Approval proposed for only 1 year as approved by RBI although RBI itself has mandated appointment for continuous 3 years.
6 for4 againstTo authorize the Board of Directors to appoint various statutory branch auditors to audit the accounts of the branches of the bank for the financial year 2024-25 and fix their remuneration in consultation with Joint Statutory Central AuditorsMoreLess
10 for0 against- Appointment of Shri.Salee Sukumaran Nair (DIN:09231101) as Managing Director and Chief Executive Officer of the Bank and approval of Remuneration10 for0 against
- To appoint Shri.K.V.Rama Moorthy (DIN:07034994) as a Non-Executive Director of the Bank10 for0 against
- To appoint Shri.R.Deepak Shankar (DIN:05223027) as an Independent Director of the Bank10 for0 against
- To appoint Smt.R.Kanagavalli (DIN:00883998) as an Independent Director of the Bank10 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines and tax disputes
Reported in the filing for the quarter to Jun 2026.
- Fine or penaltyReserve Bank of IndiaSince 20 Apr 2026
Penalty levied by RBI
Non-Replenishment of Cash -ATM was not functioning due to cash-out for more than 10 hours (10,000* 3 (ATM's)) - Fine or penaltyReserve Bank of IndiaSince 15 May 2026
Penalty levied by RBI
Non-Replenishment of Cash -ATM was not functioning due to cash-out for more than 10 hours (10,000* 9 (ATM's)) - Fine or penaltyReserve Bank of IndiaSince 4 Jun 2026
Penalty levied by RBI
Non-Replenishment of Cash -ATM was not functioning due to cash-out for more than 10 hours (10,000* 3 (ATM's)) - Fine or penaltyOffice Of The Principal Commissioner of Customs (Import)Since 27 May 2026
Penalty levied by Customs Authority
The import of E-Token were misclassified under CTH84733099 instead of CTH 9804 - Tax disputeDeputy Commissioner of Income Tax department, TDS Circle, Madurai.Since 16 Oct 2024No change in the statusAt the filing before: We have filed an appeal before the High Court on 17-11-2025. We have filed an appeal with CIT (A) after paying pre-deposit of Rs.2,28,800/- on 17-10-2025.
- Tax disputeAssessment Unit, Income Tax DepartmentSince 11 Mar 2025No change in the status
At the filing before: The Bank filed an appeal before the Commissioner of Income Tax (Appeals) on 07-04-2025. Subsequently the bank has received Show cause notice for penalty order u/s. 270A of IT Act on 25-04-2025. Subsequently, the Bank has submitted its response on 06-05-2025.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- Yes
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.