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RBI clarifies on Tamilnad Mercantile Bank
PTI
CHENNAI, January 20: The Reserve Bank of India (RBI) today clarified that it would not take any decision on allowing the takeover of Tamilnad Mercantile Bank (TMB) by NRI industrialist C Sivasankaran, as long as the matter was "sub-judice."The clarification came in the wake of representations from various parties both for and against the transfer of TMB shares in favour of the Sivasankaran group, RBI chief general manager GP Muniappan said in a statement here. "After the Madras high court disposes of the proceedings, the RBI will take up the matter for consideration and will abide by the final orders of the court," he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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