Nadar Mahajana Sangam managed to bag 8 out of 13 board berths, edging out the other group led by B Ramachandra Adityan, former executive director of TMB. Of the remaining 5 board seats, three are already occupied by the Reserve Bank of India (RBI) representatives and this remains unchanged.
The court has reserved its verdict on the remaining two positions for June 16. The decision on these two berths will depend on the High Court's decision on the voting rights of the 25 per cent FII stake holders in the bank.
Incidentally, the pervious board (that will soon be replaced by the new one) had decreed at one point that the FIIs will not get more than 10 per cent voting rights for their stake.
Ramachandra Adityan had recently written to the RBI Governor Y V Reddy alleging that the group of foreign investors led by Ramesh Vangal's Katra Holdings (which has less than 4 per cent stake) were trying to gain control of the bank using back-door options by trying to buy out small groups of stakeholders in the Bank.
TMB had last week held the AGM for three years at one go at its headquarters in Tuticorin in which the votes for electing the new board were cast.
