Tamilnad Mercantile Bank Wins SAFEMA Tribunal Appeal

Tamilnad Mercantile Bank Limited has received an order from the Appellate Tribunal under SAFEMA, New Delhi, dismissing an appeal filed by the Directorate of Enforcement. The appeal, dated January 27, 2021, sought the confiscation of 46,862 shares transferred to foreign investors or a remand for de-novo adjudication, stemming from a Show Cause notice issued in December 2014. The Tribunal's order, dated July 9, 2026, dismissed the appeal. The bank stated that this outcome will not have a material impact on its financial statements.