Nadars seek CM's help in TMB issue

Chennai, Mar 17 (UNI) The Federation of Indian Nadars today appealed to Tamil Nadu Chief Minister M Karunanidhi to intervene in the share transfer issue of the Tamil Nadu Mercantile Bank (TMB) and ensure the 33 per cent equity held by industrialist C Sivasankaran was given to the community.

Addressing a press conference here after handing over a memorandum to Mr Karunanidhi, Federation General Secretary V T Padmanabhan, TNNP President N R Dhanabalan, DMNS General Secretary D R Sabapathy and NMS General Secretary G Karikolraj said the Chief Minister had assured them of suitable action.

The leaders said after continuos struggle, Mr Sivasankaran transferred 96,000 of the 1,91,455 shares held by him to the 27,000 Nadars as per the directions of the Company Law Board.

They continued their struggle to take back the remaining 95,418 shares held by Mr Sivasankaran as the bank was established by the Nadar community.

They also requested Mr Karunanidhi to take suitable action for transfer of 10,000 shares worth Rs 9.25 crore held by Mr P Ramachandra Adityan to the Nadar Community alleging he attempted to sell the shares to non-Nadars for a huge sum.

They alleged Mr Adityan, who was nominated as President of Nadar Mahajana Bank Shareholders Association and was one of the directors of the TMB and other family members, who were also directors of the bank, attempted to transfer 95,418 shares to Mr Sivasankaran.

However, the attempt was stalled by the Reserve Bank Of India (RBI).

Mr Adityan and his relatives also made a similar attempt which was once again stalled by the RBI.

However, Mr Adityan and others entered into a secret deal on March 10 by signing a 'fake' agreement for the purchase of 95,418 shares for Rs 166.50 crore with the ultimate aim of transferring them and the balance of shares held by Mr Sivasankaran to a multinational company for a huge sum of money.

They urged Mr Karunanidhi to retrieve the bank from them and entrust it to the Nadar community.

The federation comprised Nadar Mahajana Sangam (NMS), Tamil Nadu Nadar Peravai (TNNP), Dakshinamara Nadar Sangam (DMNS) and other Nadar associations UNI RV GM DKS RN1953