Chennai:

The shareholders meeting is considered to be as unwelcome as an unwanted pregnancy though all the warring factions have to undergo the pain.

The reason being that one faction is bound to come into power with all the others gathered around in opposition. This could lead to disruptions in the bank's direction in future at a time when focus is the dire need. All these days the factions worked together by jointly exercising remote control, but this will go for a toss.

The bank has received more than 51 nominations for directorships filed by different Nadar factions. The number of vacancies is just 10.

Whichever faction comes to power in TMB, it will not be comfortable with the bank's current chairman and chief executive officer R Natarajan. Not long ago all the warring groups in unison tried to send him out but didn''t succeed. 

As a matter of fact it was this move that has brought some clarity and crystallisation in the TMB imbroglio.

One view is that with Natarajan being an outsider and unattached to any of the Nadar faction will be a plus point to allow him to continue till the expiry of his term this September.

Meanwhile the AGM to be held in Kamaraj College grounds will set a record of sorts. It will be the first AGM where the annual accounts of 7 years will be passed at one go.

The bank expects a heavy shareholder turnout-around 7,000- for the AGM. TMB has made arrangements to serve lunch for the shareholders. The Nadars as a part of TMB retrieval movement had mobilised money from thousands of individuals and shares have been allotted to them. Hence the number of shareholders has gone up from around 1,500 to around 29,000. The bank's secretarial department had to work overnight to verify the correctness of proxy forms lodged.

In order to prevent any untoward incidents there would be not less than 100 police personnel to take care of the safety.

The next episode in the TMB soap opera will be enacted at the AGM stage.