Karnataka Bank Limited has announced the resignation of Dr. D.S. Ravindran as Non-Executive Independent Director, effective March 06, 2026, at 09:00 PM. The resignation follows the failure of his re-appointment resolution in the bank's recent postal ballot conducted through remote e-voting.

Postal Ballot Results and Immediate Resignation

The e-voting process, which concluded on March 06, 2026, yielded mixed outcomes for the bank's board composition. Dr. Ravindran's re-appointment resolution failed to secure the required majority, receiving only 59.45% approval from shareholders. In his resignation email dated the same day, Dr. Ravindran cited moral imperative as the reason for his immediate resignation, stating that since the resolution "has not found favour with the shareholders of the Bank," he deemed it necessary to step down.

Committee Positions Vacated

Consequent to his resignation, Dr. D.S. Ravindran ceased to be a member of several key board committees. The bank disclosed that he held significant positions across multiple committees, including serving as Chairman of the IT Strategy Committee of the Board.

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.

Regulatory Compliance and Disclosure

The bank has made the necessary disclosures under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to both NSE and BSE. Dr. Ravindran confirmed in his resignation letter that there are no other material reasons for his resignation beyond those mentioned. The postal ballot process was conducted in accordance with Sections 108 and 110 of the Companies Act, 2013, and other applicable regulations.

While Dr. Ravindran's re-appointment was unsuccessful, the second resolution for Mr. Balakrishna Alse S's re-appointment as Non-Executive Independent Director was approved with 76.78% of votes in favor. The bank has indicated that necessary filings with the Registrar of Companies and stock exchanges will be completed as per regulatory requirements.

Karnataka Bank Limited has announced the record date for annual interest payment on its Tier II Bonds Series VII, as communicated to stock exchanges on March 7, 2026. The announcement follows regulatory requirements under SEBI listing obligations for corporate bond interest payments.

Bond Interest Payment Details

The bank has set March 13, 2026 as the record date for determining eligible bondholders for the annual interest payment. The interest payment itself is scheduled for March 30, 2026, marking the fourth anniversary of the bond issuance.

Regulatory Compliance

The intimation was made pursuant to Regulation 60 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank communicated the details to both National Stock Exchange of India Limited and BSE Limited through its secretarial department.

Bond Specifications

The Tier II Bonds Series VII carry a coupon rate of 10.70% per annum on the principal amount of ₹300.00 crores. These bonds were originally issued on March 30, 2022, and the upcoming interest payment of ₹32.10 crores represents the annual return to bondholders. The bonds are identified by ISIN INE614B08054 for trading and settlement purposes.

Bondholders whose names appear in the records as of the close of business on March 13, 2026 will be eligible to receive the interest payment scheduled for March 30, 2026.