Tamilnad Mercantile Bank has announced the opening of a new branch in Kerala. The disclosure was made to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The new branch will be located at Tirur in the Malappuram district. It is situated at D.No.2410/B, Seven Square Building, Ring Road. The bank has scheduled the opening of this branch for May 21, 2026.

Branch Details

The following table provides the specific address and opening date for the new branch:

The notification was signed by Swapnil Ashok Yelgaonkar, Company Secretary & Compliance Officer of the bank.

Tamilnad Mercantile Bank Limited has received a rectification order from the Office of the Deputy Commissioner of Income Tax, Circle 1, Tirunelveli, substantially reducing an earlier tax demand notice. The development was disclosed to the stock exchanges on May 14, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Significant Reduction in Tax Demand

The rectification order, bearing Notice No. ITBA/REC/S/91/2026-27/1089008402(1) and dated May 14, 2026, pertains to Assessment Year 2013-14. The original demand notice, issued on March 17, 2026, vide Notice No. ITBA/AST/S/156/2025-26/1087516521(1), had raised a demand of Rs.2,04,23,11,454/- (Rupees Two Hundred Four Crore Twenty-Three Lakh Eleven Thousand Four Hundred Fifty-Four Only) by disallowing a claim made under Section 36(1)(vii) of the Income Tax Act, 1961. Following the rectification, the revised demand has been reduced to Rs.2,93,39,404/- (Rupees Two Crore Ninety-Three Lakh Thirty-Nine Thousand Four Hundred Four Only).

The key details of the rectification order are summarised below:

Background and Context

The original demand notice had been intimated to the stock exchanges by Tamilnad Mercantile Bank vide Ref. No. TMB.SE.158/2025-26 dated March 18, 2026. The Assessment Unit of the Income Tax Department had raised the initial demand by disallowing the bank's claim under Section 36(1)(vii) of the Income Tax Act, 1961, for Assessment Year 2013-14. The rectification order now brings a substantial reduction to the outstanding demand.

Financial Impact

Tamilnad Mercantile Bank has stated that the revised notice would not have a material impact on the bank's financial statements. The disclosure was made in compliance with Regulation 30 read with Schedule III — Para A (20) of Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The intimation was signed by Swapnil Yelgaonkar, Company Secretary and Compliance Officer of the bank.