Shareholders of Tamilnad Mercantile Bank, which is dominated by the Nadar community, have opposed the plans to go for an Initial Public Offering (IPO). At the Annual General Meeting held in Thoothukudi on Friday, majority of shareholders suggested that by going for an IPO the Nadars would lose control over the bank. “The bank has already gone through several problems in the last two decades. If the shares get into public domain situation might worsen,” said one of them. The 95-year-old private bank headquartered in Thoothukudi held its AGM after five years. The Bank has not been able to hold the Annual General Meetings for the years 2010 to 2015 (88th AGM to 93rd AGM).
The AGM of the bank was conducted amidst tight police security.
