Servary Serriths of the Sarma | Photocredit: VOSTY ARTERNENT
The Board of Directors of Karnataka Bank accepted the resignation of the director of the Bank and CEO, Srikrishnan Hari Hara Sarma on Sunday. A press release on the stock markets of the shares said that the dismissal will be in force from July 15, 2025. Sarma has cited personal reasons, including his decision to go back to Mumbai, for his resignation.
The executive director of the Bank, Sekhar Rao, has also submitted his resignation with reference to inability to move to Mangaluru and other personal reasons. The dismissal has been accepted by the board and will take effect from July 31, 2025.
The bank has formed a search committee to identify suitable candidates for the position of a new director and CEO, as well as a new executive director.
In the meantime, the Bank has appointed Raghavenendra Srinivas Bhat as Chief Operating Officer (COO) from the bank with effect from 2 July 2025. Bhat would be a senior management staff from the bank and at the registered and head office in Mangaluru. In addition, replacement schemes are also made, subject to the approval of the regulator, a declaration from the bank said.
On the notes on the accounts in the controlled financial statements for the 2024-25 that lead to the emphasis on matter in the auditor’s report, the bank states that it has been discussed and resolved.
It is to be noted here that the statutory Auditors of the Bank – Ravi Rajan and Co LLP and RGN PRICE AND CO – had Said in Their Report on May 14: “We Draw Attention to Note 14 of the Standalone Financial Results, which the Total Expendure Include Include in Includure in Include in Includure Enging Consultants & Other Revenue Expenditure and Total Fixed Assets include Capital Expenditure Amounting to ₹ 0.37 Crore, which were then made the delegated powers of the entire time and not ratified by the board of directors.
The bank continues to take the necessary steps to guarantee operational stability and ensures various stakeholders that it is well capitalized and has so far been healthy. The transformational journey that is started by the bank will remain unhindered, according to the statement.
Published on June 29, 2025
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