Addressing a joint press conference here today, three directors of the bank, N Vikraman, C Amarnath and Ganesan K Chezhian said that as per the original agreement entered into with the Essar group to which the promoter family sold the shares in 1994, the latter, if and when it decides to sell the shares, should first offer them to the promoter family. Only if the family do not not evince interest, the group can sell the shares to others, they contended.

It may be recalled that the Essar group, had purchased 67 per cent of the stakes in the bank. Later, Shivasankaran acquired the shares from the Essar group.

In all there were eight directors, sixbelonging to the Nadar community and two appointed by the Reserve Bank of India. The three directors claimed that all the eight were united on this issue.

Answering a question, Vikraman said the original share holders sold the shares to the Essar group at the rate of Rs 3500 per share and would buy them back only at the same rate.

He claimed that the shares were available at the market at Rs 3500 and even last week some people bought it for that price. He has no knowledge of the forum buying the shares at Rs 8000 per share.

Even as Shivasankaran handed over the 67 per cent of the share certificates to Ramachandra Adityan, chairman of the forum and the latter presented a cheque for Rs 20 crore as advance to the purchase of shares at a total cost of Rs 155 crore, G Kathiresan who represented the promoter family had invoked the arbitration clause and appointed an arbitrator to resolve the issue.