Karnataka Bank Limited has announced the results of its postal ballot conducted through remote e-voting for seeking approval on the re-appointment of two Independent Directors. The e-voting process, which concluded on March 06, 2026, yielded mixed outcomes for the bank's board composition.

E-Voting Process Details

The remote e-voting facility was made available to all members holding shares as on the cut-off date of January 30, 2026. The voting period commenced on February 05, 2026, at 09:00 AM IST and concluded on March 06, 2026, at 05:00 PM IST. CS Ullas Kumar Melinamogaru, Practicing Company Secretary, was appointed as the scrutinizer for the remote e-voting process.

Voting Results Summary

The postal ballot contained two special resolutions for the re-appointment of Independent Directors, with contrasting outcomes:

Resolution 1: Dr. D.S. Ravindran Re-appointment

The special resolution for re-appointing Dr. D.S. Ravindran as Non-Executive Independent Director failed to secure the required majority. A total of 3,678 members voted in favor through e-voting, casting 8,99,59,707 votes representing 59.45% of the total valid votes cast. However, 230 members voted against the resolution with 6,13,57,965 votes, representing 40.55% of the total votes.

Resolution 2: Mr. Balakrishna Alse S Re-appointment

The re-appointment of Mr. Balakrishna Alse S as Non-Executive Independent Director was successfully approved with requisite majority. The resolution received support from 3,735 members who cast 11,60,61,053 votes in favor, representing 76.78% of total valid votes. Only 182 members voted against with 3,51,01,564 votes, accounting for 23.22% of the total votes cast.

Regulatory Compliance

The postal ballot process was conducted in accordance with Sections 108 and 110 of the Companies Act, 2013, Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014, and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The process also complied with various MCA circulars issued between 2020-2025.

Technical Implementation

National Securities Depository Limited (NSDL) served as the service provider for the remote electronic voting facility, while Integrated Registry Management Services Private Limited acted as the Registrar and Share Transfer Agent. The bank has made the complete scrutinizer's report and e-voting results available on its website for stakeholder reference.

Karnataka Bank Limited has announced the allotment of equity shares under its Employee Stock Option Scheme, marking another step in its employee incentive program. The bank informed stock exchanges about this corporate action on March 5, 2026.

Share Allotment Details

The bank has allotted equity shares to employees who exercised their vested stock options under the KBL Employees Stock Option Scheme 2018. The allotment was approved by the Managing Director & CEO on March 5, 2026.

Regulatory Compliance

The allotment has been made pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Karnataka Bank has duly informed both the National Stock Exchange of India Limited and BSE Limited about this development.

The communication was signed by Sham K, Company Secretary & Compliance Officer, ensuring proper regulatory compliance and transparency in the share allotment process.

Employee Stock Option Scheme Background

The shares were allotted to employees and grantees who exercised their vested options under the KBL Employees Stock Option Scheme 2018. This scheme represents the bank's commitment to employee participation in the organization's growth and performance.