Tamilnad Mercantile Bank shareholders approved a final dividend of ₹12.50 per equity share for the financial year ended March 31, 2026, at the 104th Annual General Meeting (AGM) held on July 14, 2026. The meeting, conducted via video conferencing, saw the adoption of audited financial statements and the re-appointment of key statutory auditors and directors. All resolutions were passed with the requisite majority, though voting rights for certain shareholders were restricted to 4.99% of the paid-up capital in compliance with Reserve Bank of India (RBI) directives.

The scrutinizer's report confirmed that remote e-voting occurred from July 11, 2026, to July 13, 2026. A total of 223 shareholders attended the meeting through video conferencing. The facility for appointing proxies was not available due to the virtual mode of the meeting. The voting process was supervised by I.D. Saravanan of Alagar & Associates LLP.

Voting Results and Restrictions

The approval for the final dividend received 99.995% assent, with 73,437,733 votes in favour and 3,366 against. The re-appointment of Shri K.V. Rama Moorthy as a Non-Executive Director was approved with 99.321% votes in favour. The special resolution to re-appoint Shri C. Chiranjeeviraj as a Non-Executive Independent Director secured 96.807% assent.

The report noted that 98,06,073 equity shares held by four shareholders acting in concert were restricted to 79,01,738 shares, representing 4.99% of the total voting rights, following an RBI order dated March 15, 2019. Consequently, 19,04,335 equity shares were treated as invalid.

Auditor and Director Appointments

M/s. Sundaram & Srinivasan and M/s. Chandran & Raman were re-appointed as Joint Statutory Central Auditors for the financial year 2026-27. The remuneration for each firm was fixed at ₹26,40,000, plus reimbursement of out-of-pocket expenses. The Board was also authorized to appoint statutory branch auditors for FY27 and fix their remuneration in consultation with the Joint Statutory Central Auditors.

Tamilnad Mercantile Bank Ltd has re-appointed Thiru.C.Chiranjeeviraj as its Non-Executive Independent Director following shareholder approval at the 104th Annual General Meeting held on July 14, 2026. The re-appointment is for a second term of two years and three months, effective from July 16, 2026 to October 15, 2028.

Thiru.C.Chiranjeeviraj is a Chartered Accountant practicing since 2005, with extensive experience in Auditing, Accounting, Taxation, and Finance. The bank confirmed that he is not related to any Directors or Key Managerial Personnel and is not debarred from holding the directorship by any SEBI order or other authority.

The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The appointment details were formally submitted by Swapnil Yelgaonkar, Company Secretary & Compliance Officer.

Re-appointment Details