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The Income Tax Department has found lapses in some financial transactions at the Tuticorin headquarters of the Tamil Nadu Mercantile Bank. The Tamil Nadu-based bank said in a statement that its business operations are continuing as usual and have not been affected by the development. Tamil Nadu Mercantile Bank told the stock market that the returns that were due have been deposited and the deficiencies found are also being noted and rectified. We provide all the details required by the Income Tax Department.
Let us tell you that the Intelligence and Criminal Investigation Branch of the Income Tax Department inspected the bank’s headquarters in Tuticorin last week. The Income Tax Department has reported that the bank has collected Rs. Details of financial transactions related to cash deposits of over Rs 2,700 crore have not been filed.
The IPO came a year ago
The bank’s IPO came in September 2022. The price band of this IPO was kept at Rs 510 per share. Around Rs. 832 crore IPO received a lukewarm response in the stock market. Currently its share price is Rs 594.40. While its 52-week high price is Rs 606.