Tamilnad Mercantile Bank seeks RBI nod for share transfers, gets board backing for expansion
The second notice, issued on 9 November 2017, relates to alleged contraventions in the issuance of bonus shares, with a proposed penalty of ₹1,037 crore. Adjudication remains pending. The bank said that based on legal advice, it believed that if the offence were established, it would attract a charge of ₹2 lakh, for which it had made a full provision.
