• Download mobile app
29 Sep 2022, Edition - 2634, Thursday

Trending Now

  • Delhi reports 88 new cases, 82 recoveries & zero deaths in the past 24 hours. Positivity rate at 1.01%
  • India sharpens stand on Ukraine war but business as usual with Russia
  • Senior advocate R Venkataramani appointed as the new Attorney General of India for a period of three years.

Coimbatore

TMB fined Rs 6cr in bonus share issue

Covai Post Network

Share

Coimbatore: The Tamilnad Mercantile Bank (TMB) was given a penalty of Rs 6 crore by the Reserve Bank of India for failing to uphold the norms while issuing bonus shares to non- resident investors of the bank.

TMB issued bonus shares going against the directions on issue and pricing on April 21, 2016.

“This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the directions while issuing bonus shares to certain non-resident entities,” said RBI chief general manager Jose J Kattoor.

Subscribe To Our Newsletter

COIMBATORE WEATHER