Nadar Mahajana Sangam and the Dakshinamara Nadar Sangam
have demanded that the board of the Tamilnad Mercantile
Bank be dissolved. They also want the 34-per cent stake
in the bank''s equity with C Sivasankaran of the Sterling
group to be sold to the Nadar community.
Sangam general secretary G Karikolraj said both the community
associations will represent their demands to the Company
Law Board. They are also against the bank board''s decision
to remove the chairman and chief executive officer R Natarajan.
alleges that the directors and some office bearers of
the Nadar Mahajana Bank Share Investors'' Forum are in
favour of Sivasankaran retaining the 34-per cent stake.
The forum was created by the Mahajana Sangam to retrieve
the shares from Sivasankaran and sell them within the