• Download mobile app
24 Feb 2020, Edition - 1686, Monday

Trending Now

  • Corona scare: No Air India flights to Hong Kong, China till June 30
  • Amid Cong & NCP pressure to reject NPR, Uddhav to meet Sonia, PM today
  • Itinerary of US President Donald Trump ‘s 2-day visit to India.

Coimbatore

TMB fined Rs 6cr in bonus share issue

Covai Post Network

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