Tamilnad Mercantile Bank Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot
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Tamilnad Mercantile Bank Limited has announced the results of a postal ballot conducted via remote e-voting from May 6 to June 4, 2025. The special resolution was for the appointment of Shri A. Shidambaranathan (DIN: 02904738) as a Non-Executive Independent Director of the Bank. Out of 1,065 members who voted, the resolution was passed with 95.42% votes in favour and only 4.58% against, with a total of 6.43 crore votes polled. Promoter group did not participate in voting. Voting rights of four shareholders acting in concert were restricted to 4.99% of paid-up capital as per RBI directives, with 19 lakh shares (1.20%) treated as invalid due to this cap.
The appointment of a new Independent Director strengthens the bank's board composition and governance. The overwhelming shareholder approval (95.42% in favour) reflects strong investor confidence in the appointment and is a routine governance action with no material financial impact on the stock.