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Plea to keep Sivasankaran out of TMB
ENS ECONOMIC BUREAU
CHENNAI, Jan 2: The Nadar Mahajana Bank Share Investors Forum, formed by the Nadar community to regain control of the Tamilnad Mercantile Bank (TMB), has made a fresh appeal to the Reserve Bank of India (RBI). In a letter to RBI Governor Bimal Jalan, the forum has asked the apex bank to block the transfer of shares either in favour of the Essar group or industrialist C Sivasankaran, the forum's chairman B Ramachandra Adityan told media persons here on Friday.``If the Essar group can damage the bank, Sivasankaran can destroy it,'' he said and added that the letter, reportedly written on behalf of the Essars, denying any commitment to on their part return the shares to the forum was part of a drama being ``enacted by the Essars and Sivasankarann.'' The Essars had reneged on a `gentleman's agreement' made in front of chief minister M Karunanidhi on June 24, 1997, he charged. The forum's representatives said the interim stay on Essars' transfering the shares was still in effect. ``We are determined to fight
the transfer of shares to Essars, including Sivasankaran, with all our might, legally or otherwise,'' they said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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