The income tax department is reportedly conducting raids at the old private sector lender Tamilnad Mercantile Bank headquarters at Thoothukudi.
“We hereby notify that the Intelligence and Criminal Investigation Directorate of Income Tax, Chennai, is conducting a spot verification of statutory compliances under section 285BA of the Income Tax Act, 1961 at our Head Office, said a communique of the bank to stock exchanges.
The bank’s business operations continued as usual and were not impacted due to the verification. We will comply with our legal obligation for disclosure from time to time, it said.
On NSE, the bank’s shares fell marginally (0.10 per cent as of 4.15 pm) to ₹432 a share