K'taka Bank MD & exec director quit
MUMBAI:
Karnataka Bank on Saturday saw both its MD & CEO, Srikrishnan Hari Hara Sarma, and executive director, Sekhar Rao, resign, marking a major leadership shake-up for the century-old private lender.
To maintain operational stability during the transition, the board appointed Raghavendra Srinivas Bhat as COO, effective July 2.
The leadership exits come after a year of growing strain within the bank.
Governance tensions came to a head in May when the bank's auditors flagged certain overlimit expenses. The board refused to ratify the expenditures and asked for the amounts to be recovered. The standoff between the board and management that followed was considered unprecedented for the institution. Adding to the pressure, Karnataka Bank in Feb had to reverse Rs 18.87 crore worth of suspicious cross-border UPI transactions due to reconciliation failures.
A forensic audit was ordered in April at the direction of the board and the RBI. The bank has since stated that the audit observations have been amicably resolved and that it remains well-capitalised.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
26 minutes ago
- Economic Times
Torrent Pharma shares in focus after Rs 11,900 crore JB Chemicals acquisition
Shares of Torrent Pharmaceuticals are likely to be in the spotlight on Monday, June 30, after the company announced a major acquisition worth Rs 11,917 crore to acquire a controlling stake in J.B. Chemicals & Pharmaceuticals Ltd, another player in the pharmaceutical sector. ADVERTISEMENT In a board meeting held on June 29, Torrent Pharma approved a multi-step transaction to acquire a majority stake in JB Chemicals. The acquisition comprises the following: Share Purchase Agreement (SPA): Torrent will acquire 7.44 crore equity shares, representing 46.39% of JB Chemicals' fully diluted equity share capital, from its promoter, Tau Investment Holdings Pte Ltd, at Rs 1,600 per share, amounting to approximately Rs 11,917 crore, subject to shareholder and regulatory approvals. Potential Employee Acquisition: Torrent may further acquire up to 44.99 lakh equity shares (2.80%) from certain employees at a price not exceeding Rs 1,600 per share, through employee stock Offer: Torrent has also proposed an open offer to public shareholders to acquire up to 4.17 crore shares (26.00%) of the expanded capital at Rs 1,639.18 per share, in accordance with SEBI's Takeover Torrent will gain promoter status and a controlling interest in JB Chemicals, positioning it to expand its product offerings and leverage synergies between the two firms. ADVERTISEMENT JB Chemicals, incorporated in 1976, is a publicly listed company with a consolidated turnover of Rs 3,918 crore and a net worth of Rs 3,433 crore as of March 31, 2025. The company has consistently maintained strong financial performance over the last three proposed acquisition is subject to approvals from the Competition Commission of India (CCI), shareholders, and other statutory bodies. Torrent Pharma anticipates completing the deal within six months. ADVERTISEMENT On Friday, shares of Torrent Pharmaceuticals closed 3.7% higher at Rs 3,344.40 on BSE. Also read: Nifty ready to scale new highs on bullish mood: Analysts (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
35 minutes ago
- Time of India
Reliance Power bids for global tenders to build 1,500 MW gas plant
Anil Ambani 's Reliance Power Ltd is planning to set up a 1,500-MW gas-based power project overseas and is actively participating in several international tenders for its development, according to sources. Sources said, Reliance Power has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy. The company has recently secured two mega power projects in Bhutan - a 500-MW solar project and a 770-MW hydropower project. Based on the outcome of the ongoing international bids, Reliance Power plans to relocate two 750 MW modules of world-class equipment currently in its possession in India. The proposed project is expected to create significant value in Reliance Power's balance sheet, as the company aims to realise up to Rs 2,000 crore through the monetisation of these assets. When contacted, a Reliance Power spokesperson confirmed the company's participation in global tenders. Originally, the company had imported three modules of 750 MW world class equipment from General Electric, USA, for a gas-based combined cycle power project, out of which one module was exported to Bangladesh for an LNG based power project in partnership with Japan's JERA. Now, Reliance Power intends to deploy the remaining two modules for a similar project at an overseas location. The demand for gas-based power - widely regarded as a clean energy source - is significantly high in countries such as Kuwait, the UAE, and Malaysia. However, global suppliers like GE typically require 3 to 5 years to deliver equipment for gas or LNG-based power plants. In contrast, Reliance Power has 1,500 MW of equipment readily available, enabling it to execute such projects in the shortest possible timeframe. Reliance Power is actively focusing on renewable and clean energy. The company has a strong development pipeline, including 2.5 GWp of utility-scale solar projects and more than 2.5 GWh of Battery Energy Storage Systems (BESS). This positions Reliance Power as the largest private sector player in the integrated solar + BESS segment in India. Reliance Power has also entered into a joint venture with the Bhutan Government's Druk Holding & Investments (DHI) for the development of a 500 -MW solar project and a 770-MW hydropower project in Bhutan. This marks the largest foreign direct investment by an Indian private company in Bhutan's renewable energy sector.
Hans India
an hour ago
- Hans India
Minister orders action overcharging autos against
Bengaluru: KarnatakaTransport Minister Ramalinga Reddy has directed the Transport Commissioner to take strict action against app-based and other autorickshaws in Bengaluru that charge fares above the government-fixed rates, calling the practice a 'daylight robbery'. The Minister said permits of such autos should be cancelled and cases registered against the violators. 'If there is a complaint from passengers about overcharging, cancellation of the journey if the higher fare is not paid, immediate action should be taken and the permit of such autos should be cancelled and a case should be registered,' Reddy said in his letter to the Transport Commissioner, on June 28. 'For example: On June 18, 2025, Rapido Auto App charged Rs. 100.89 per km, while Auto O App charged Rs. 184.19 for a 4 km journey. This kind of daylight robbery from the public is unforgivable, strict action should be taken urgently.' There have been complaints from commuters about rising auto fares. The meter fare is fixed at Rs 30 for the first 1.9 km, and Rs 15 for every additional kilometre. The Minister noted that although the Transport Department had registered cases against auto drivers for refusing rides and demanding excess fares, complaints from the public continue to pour in. He has also attached copies of mobile phone screenshots shared by denizens, highlighting instances of overcharging and urged officials to take appropriate action. 'It has been directed to immediately formulate an effective action plan to protect the interest of the public and take stern action against the guilty auto drivers/owners,' added.
