Vaikundarajan suffers setback for control of Tamilnad Mercantile Bank
The high-profile contest for board seats at Tamilnad Mercantile Bank (TMB) has ended in a defeat for mining baron S Vaikundarajan with his rival group backed by foreign investors (FIs) winning it big. Vaikundarajan lost out to rival S Annamalai of Pioneer Asia Group, marking a new chapter in the two-decade long battle for control of the Tuticorin-based old private sector bank.