Karnataka Bank Ltd. has formally announced the resignation of Dr. D. S. Ravindran as a Non-Executive Independent Director, effective March 06, 2026, at 9:00 PM. The resignation followed the board’s decision to renominate him for a second term, which was not favored by the shareholders. Dr. Ravindran deemed it morally imperative to step down immediately, confirming there were no other material reasons for his departure.
Resignation of Independent Director
Karnataka Bank Ltd. disclosed via a regulatory filing dated March 07, 2026, that Dr. D. S. Ravindran (DIN: 09057128) has resigned from his position as a Non-Executive Independent Director. The resignation was effective from 09:00 PM on March 06, 2026.
Reason Cited for Cessation
Dr. Ravindran’s decision stemmed from the outcome of the Board’s proposal to renominate him for a second term. He stated in his communication that since this resolution did not receive favour with the shareholders, he felt it was morally imperative to resign from the Board with immediate effect.
Committee Memberships Relinquished
Consequent to his resignation as an Independent Director, Dr. Ravindran immediately ceased to be a member of several key Board Committees. These included the IT Strategy Committee (where he served as Chairman), the Audit Committee, the Stakeholders and Customer Relations Committee, and the Corporate Social Responsibility Committee.
Confirmation of Disclosure
The resigning director confirmed that, as required under regulatory mandates, there were no other material reasons for his resignation beyond those stated in his letter. The bank has confirmed that necessary filings, including Form DIR-12 with the ROC, will be arranged.
Source: BSE
