Annual Secretarial Compliance Report for the financial year ended March 31, 2026.
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Tamilnad Mercantile Bank (TMB) has filed its Annual Secretarial Compliance Report for FY2025-26, audited by SPNP & Associates. The auditor confirms compliance with SEBI regulations broadly, but reports three specific violations. First, there was a temporary non-compliance in board composition under Regulation 17(1) after Mrs. Ezhil Jothi S. completed her tenure as Independent Director on March 26, 2025, resulting in a Rs. 29,500 penalty from BSE and NSE. Second, the bank failed to submit the Secretarial Compliance Report within the prescribed 60-day deadline under Regulation 24A, incurring a Rs. 52,000 penalty. Third, the Nomination and Remuneration Committee (NRC) was non-compliant with Regulation 19(1) for about 18 days (October 9–27, 2024), as its composition fell below the two-thirds independent director requirement, attracting a Rs. 38,000 penalty. All penalties have been paid. The report also notes that the bank has taken corrective actions on prior-year observations regarding Audit Committee review of key appointments (Internal Auditor, CRO, and CFO).
All regulatory penalties have already been paid and are minor in amount relative to the bank's size. The violations are procedural and have been resolved, with no pending regulatory actions against the bank. This filing does not signal any material risk to the stock.