Karnataka Bank Ltd has announced the record date for annual interest payment on its Series VII Tier II Bonds with a principal amount of ₹300 crore and coupon rate of 10.70% per annum. According to the latest announcement, the interest payment of ₹32.10 crore is scheduled for March 30, 2026. The bonds were originally issued on March 30, 2022, and eligible bondholders must ensure their records reflect ownership as of March 13, 2026 to receive the interest payment. The bank emphasizes the importance of timely account verification to ensure smooth credit of interest to bondholders.
Karnataka Bank Ltd shareholders have approved the reappointment of Balakrishna Alse S as Non-Executive Independent Director with the requisite majority. According to reports from The Hindu BusinessLine, the special resolution received support from 3,735 members who cast 11,60,61,053 votes in favor, representing 76.78% of total valid votes. However, the reappointment of DS Ravindran as Non-Executive Independent Director was rejected as it failed to secure the required majority. Ravindran received support from 3,678 members with 8,99,59,707 votes (59.45% of total valid votes), while 230 members voted against with 6,13,57,965 votes (40.55% of total votes).
The bank provided remote e-voting facility to all members holding shares as on the cut-off date of January 30, 2026. As reported by The Hindu BusinessLine, the e-voting facility commenced on February 5, 2026, at 9 am and concluded on March 6, 2026, at 5 pm. The board appointed Ullas Kumar Melinamogaru, Proprietor of M/S Ullas Kumar Melinamogaru & Associates, Practicing Company Secretary, as the Scrutinizer for the remote e-voting process. The special resolutions were presented to shareholders on March 6, 2026, being the last day of remote e-voting. 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.
The voting results show clear divisions among shareholders on the director reappointments. According to The Hindu BusinessLine, the rejection of DS Ravindran's reappointment despite receiving majority support indicates that the required threshold for approval was not met. The bank had issued a postal ballot notice dated February 3, 2026, seeking shareholder approval for the reappointment of two Non-Executive Independent Directors. The voting pattern demonstrates that while both directors received significant shareholder support, the reappointment of Ravindran fell short of the necessary majority requirement for board approval. The postal ballot process was conducted through National Securities Depository Limited (NSDL) as the service provider, with Integrated Registry Management Services Private Limited acting as the Registrar and Share Transfer Agent. The voting results show that while Ravindran received substantial support, the 182 members who voted against represented a significant portion of the total votes cast.
The bank has made comprehensive disclosure of the voting results to ensure transparency and regulatory compliance. As per the latest reports, the scrutinizer's report and detailed e-voting results have been submitted to the stock exchanges and are also available on the bank's investor relations webpage. The scrutinizer's report and detailed e-voting results have been submitted to the stock exchanges and are also available on the bank's investor relations webpage. The disclosure was signed by Sham K., Company Secretary and Compliance Officer of Karnataka Bank, ensuring proper documentation of the voting process. This disclosure was made to BSE Limited and National Stock Exchange of India Limited in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the bank's commitment to regulatory adherence and investor transparency.
