At a board meeting on November 25, the Nadar directors in a near unanimous decision decided to remove chairman R Natarajan, citing loss of confidence in him. The next day the RBI swiftly acted to reinstate Natarajan until further orders.
In a letter to R Natarajan in late October 2003, the RBI specifically stated that the contents of the letter be placed before the board and action taken and a report be submitted to the apex bank at an early date.
