Battered by three decades of controversy, TMB looks back to the future

The storied bank hopes to put its troubles behind it with its impending IPO

June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster. First, it held three annual general meetings — the 98th, 99th and 100th — all on the same day (June 9). Second, it received approval from the Securities and Exchange Board of India (Sebi) to go ahead with its initial public offering (IPO), to raise around Rs 1,000 crore.

Behind both events lie boardroom battles, legal tussle and public conflicts as well as