Karur Vysya Bank , a prominent player in the Indian banking sector, has announced significant changes to its leadership team, demonstrating its commitment to strengthening governance and internal processes.

New Independent Director Appointment

The bank's Board of Directors, in a meeting held on September 24, 2025, has appointed Dr. Mythili Vutukuru as an Additional Director in the Independent Category. Dr. Vutukuru brings a wealth of expertise in computer systems, networking, and cloud computing to the bank's leadership.

Dr. Vutukuru is currently an Associate Professor in the Department of Computer Science and Engineering at the Indian Institute of Technology (IIT) Bombay. Her impressive academic background includes:

• B.Tech. in Computer Science and Engineering from IIT Madras
• MS and PhD degrees in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT)

With a career spanning academia and industry, Dr. Vutukuru has published research in prestigious venues and won several fellowships. Her experience includes advising mid-corporates and startups in the technology domain, as well as serving as an external expert in the Standing Committee on Technology at NSE Clearing Limited since 2021.

The appointment of Dr. Vutukuru is subject to shareholder approval within three months, as per SEBI regulations.

New Head of Internal Audit

In another key move, Karur Vysya Bank has appointed Shri R Ganesan as the new Head of Internal Audit, effective October 1, 2025. Ganesan, who has been with the bank for 34 years, will succeed Shri L Murali, who is set to retire on September 30, 2025.

Ganesan's appointment is proposed for a minimum period of three years. His extensive experience within the bank includes roles in various departments such as:

• Branch Banking
• Divisional office
• Back Office

Most recently, he has been serving as General Manager in the Inspection & Audit department since July 2025.

Employee Stock Option Plan

The bank also announced the allotment of 22,893 equity shares with a face value of ₹2 each under the KVB ESOS 2018 scheme. This move aligns with the bank's strategy to incentivize and retain key talent.

These strategic appointments and equity allotment reflect Karur Vysya Bank's focus on enhancing its technological capabilities, strengthening internal controls, and rewarding employee performance. As the banking sector continues to evolve, these moves position the bank to navigate future challenges and opportunities in the financial landscape.

Karur Vysya Bank , a prominent Indian banking institution, has taken legal action against the Income Tax Department's decision to reopen tax assessments for three consecutive financial years. The bank has filed writ petitions before the Madurai bench of the Madras High Court, contesting the reopening of income tax assessments for the assessment years 2020-21, 2021-22, and 2022-23.

Legal Challenge Details

According to a regulatory filing by Karur Vysya Bank on September 23, 2025, the bank received notices under Section 148 and orders under Section 148A(3) from the jurisdictional assessing officer of the Income Tax Department. These notices and orders initiated the process of reopening assessments for the aforementioned years.

In response to these actions by the tax authorities, Karur Vysya Bank filed writ petitions on September 22, 2025. The bank has expressed confidence in its legal position, stating that it believes it has "adequate legal grounds to defend the issues involved" in the reopening proceedings.

Financial Impact and Bank's Stance

Despite the ongoing legal challenge, Karur Vysya Bank has reassured its stakeholders about the potential impact of this development. In its disclosure to the stock exchanges, the bank stated:

"The Bank believes that the above matter is not likely to have any material impact on its financial position or operations."

This statement suggests that Karur Vysya Bank does not anticipate any significant financial repercussions from the tax assessment reopening or the related legal proceedings.

Regulatory Compliance

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Karur Vysya Bank has duly informed the National Stock Exchange of India Ltd and BSE Limited about this development. The bank has also provided additional disclosures as required under SEBI circular dated November 11, 2024.

As the legal proceedings unfold, stakeholders and market observers will likely keep a close watch on any further developments in this case. The outcome of these writ petitions could have implications not only for Karur Vysya Bank but potentially for other financial institutions facing similar tax-related challenges.