Tamilnad Mercantile Bank Limited — Others, 11-03-2025: Action(s) taken or orders passed

Tamilnad Mercantile Bank has announced a board meeting regarding a Notice of Demand from the Income Tax Department for assessment year 2017-18, involving a demand of ₹58.91 crore. The bank is actively challenging the order due to disallowances made by the assessment unit. Management believes this demand will not materially impact its financials or operations. This development may present a potential risk for investors, but the bank's proactive stance in contesting the order could indicate a commitment to safeguarding shareholder interests.