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Indian Express
2 days ago
- Business
- Indian Express
Why Karnataka Bank's top brass stepped down amid auditor red flags
The Board of Directors of 100-year old Karnataka Bank on Sunday accepted the resignation of the bank's Managing Director and CEO Srikrishnan Hari Hara Sarma and Executive Director Sekhar Rao amid red flags raised by the auditors about certain spending. Sarma has cited personal reasons, including his decision to relocate back to Mumbai, for his resignation. His resignation will be effective from July 15. Rao submitted his resignation citing inability to relocate to Mangaluru and other personal reasons. His resignation will be effective from July 31. While the Mangaluru-based bank, with 957 branches, has no specific promoter, the entire stake is held by public, NBFCs, FPIs and mutual funds. As of the quarter ended March 31, 2025, Karnataka Bank reported total deposits of Rs 1.04 lakh crore. The bank's shares fell by 5.51 per cent to Rs 196.25 on the BSE on Monday morning session. The resignations of Karnataka Bank's MD and ED came roughly six weeks after the bank's auditors raised concerns over certain expenditures made by the two executives. These expenses, which exceeded their delegated authority and were not approved by the board, included Rs 1.53 crore in spending deemed recoverable from the concerned directors—comprising Rs 1.16 crore on consultants and Rs 37 lakh on revenue and capital items. While the official reason cited for their exit was personal, including relocation-related factors, the timing suggests deeper issues, said an analyst, adding that the auditor's findings pointed to governance lapses and internal friction, prompting uncertainty among investors and triggering a broader leadership shake-up at the bank. On the Notes to Accounts contained in the audited Financial Statements for the FY25 leading to emphasis of matter in the Auditor's Report, the bank stated that 'it has been discussed and amicably resolved'. The bank has formed a search committee to identify suitable candidates for the position of a new Managing Director & CEO as well as a new Executive Director. 'The bank has appointed an experienced senior banker as the Chief Operating Officer (COO) who will assume charge on July 02, 2025. Additionally, substitute arrangements are also being made subject to the regulator's approval,' the bank said in an exchange filing. 'The bank continues to take necessary steps to ensure operational stability and assures various stakeholders that it is well capitalised and continues to be sound as hitherto. The transformational journey embarked upon by the bank will continue unhindered,' the filing said.
The Hindu
3 days ago
- Business
- The Hindu
Karnataka Bank MD and Executive Director resign
Karnataka Bank Managing Director and CEO Srikrishnan Hari Hara Sarma and Executive Director Sekhar Rao have resigned from their positions. Accepting their resignations, the Board of Directors of the Bank on Sunday constituted a search committee to identify a new MD & CEO and Executive Director, said a late-night release from the Bank. While Mr. Sarma's resignation would be effective from July 15, Mr. Rao's resignation would be effective from July 31. They had joined the Bank on June 9, 2023 and February 1, 2023, respectively. The release quoted Mr. Sarma, citing personal reasons, including his decision to relocate back to Mumbai, as the reason for his resignation. Mr. Rao has cited the inability to relocate to Mangaluru and other personal reasons. The Bank has appointed an experienced senior banker as the Chief Operating Officer (COO), who will take charge on July 2. Substitute arrangements are also being made, subject to the Regulator's approval. On the Notes to Accounts contained in the audited Financial Statements for the FY25 leading to an Emphasis of Matter in the Auditor's Report, the Bank stated that it has been discussed and amicably resolved. The Bank continues to take necessary steps to ensure operational stability and assures various stakeholders that it is well capitalised and continues to be sound as hitherto. The transformational journey embarked upon by the Bank would continue unhindered, the release added.
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Landis+Gyr Shareholders Approve All Proposals
CHAM, Switzerland, June 26, 2025 /PRNewswire/ — Yesterday, the Annual General Meeting of the Landis+Gyr Group AG (SIX: LAND) took place in Steinhausen, Switzerland. The Meeting approved all the Board's proposals and elected Audrey Zibelman as the new Chair of the Board of Directors. 218 shareholders (including proxies) attended the Meeting, representing 57.39% of the issued share capital. After eight years as Chair of the Board of Directors, Andreas Umbach did not stand for re-election. The departing Chair expressed his gratitude for the trust shown by shareholders and said: 'It has been an extraordinary honor and privilege to serve this remarkable company for more than 25 years, including the past eight as Chair. The long-term strategic vision and commitment to innovation shared by the Board of Directors and the Executive Management team have consistently driven Landis+Gyr forward, enabling us to play a pivotal role in shaping the future of smart energy management. I extend my heartfelt thanks to our shareholders, colleagues, customers, and partners for their steadfast support and collaboration.' In addition to Audrey Zibelman, all directors standing for election were re-elected to the Board of Directors for a term of office of one year: Eric Elzvik, Fabian Rauch, Andreas Spreiter, Christina Stercken, and Laureen Tolson. The Annual General Meeting elected Steve Louden and Brett Carter as new members of the Board of Directors for a term of office of one year. The newly elected Chair of the Board of Directors, Audrey Zibelman, said: 'I would like to express my sincere appreciation to Andreas Umbach, our outgoing Chair, for his remarkable contributions and dedicated leadership over many years. As we enter this new chapter, I look forward to working closely with the management team under the leadership of CEO Peter Mainz, the Board, and the entire Landis+Gyr team to shape an exciting future ahead. I also warmly welcome our newest Board members, Steve Louden and Brett Carter, whose expertise will further strengthen our team.' The Annual General Meeting approved the proposed distribution of CHF 1.15 per registered share, payable from statutory capital reserves. The distribution will be paid from July 1, 2025, onwards. Shareholders also approved the Annual Report and Financial Statements for FY 2024, the FY 2024 Remuneration Report in a consultative vote, as well as the Sustainability Report 2024. The detailed voting results will be published today on Landis+Gyr's investor website (link), and the minutes of the 2025 Annual General Meeting will be made available in the coming days. Key Dates Ex-Dividend Date June 27, 2025 Dividend Payment Date July 1, 2025 Release of Half Year Results 2025 October 28, 2025 About Landis+Gyr Landis+Gyr is a leading global provider of integrated energy management solutions. We measure and analyze energy utilization to generate empowering analytics for smart grid and infrastructure management, enabling utilities and consumers to reduce energy consumption. Our innovative and proven portfolio of software, services and intelligent sensor technology is a key driver to decarbonize the grid. Having enabled 9 million tons of CO2 savings in FY 2024 through our product offerings, Landis+Gyr manages energy better – since 1896. With sales of USD 1.7 billion in FY 2024, Landis+Gyr employs around 6,300 talented people across five continents. For more information, please visit our website Photo: View original content:
Indian Express
6 days ago
- Politics
- Indian Express
FIR against SAD leader Majithia alleges Rs 540 crore in suspicious transactions, unexplained assets
The Special Investigation Team (SIT) investigating former Punjab Cabinet Minister Bikram Singh Majithia has alleged financial irregularities involving over Rs 540 crore in suspicious transactions and Rs 1.47 crore in unexplained assets. An FIR under Section 13(1)(b) and 13(2) of the Prevention of Corruption Act, 1988 was registered with the Vigilance Bureau police station at SAS Nagar on Wednesday mentioned Majithia and his wife Ganeive Kaur accumulated wealth far exceeding their declared income, including a reported total income of Rs 81 lakh and declared expenses of Rs 18 lakh between 2007 and 2012. 'There are Suspicious Financial Transactions as Saraya suddenly acquired wealth and got the cash amount deposited worth Rs 161 crore (Approx) in the bank accounts and also an amount of Rs 141 crore (Approx) through foreign entities, the said amount which have been deposited has no explanation or legitimate source. From the investigation it has been revealed that an amount of Rs 236 crore (Approx) which has been credited to the account of Saraya for which there is no disclosure/explanation in the Financial Statements so filed by Bikram Singh Majithia. From the investigation conducted till now the said amount of Rs 540 crore (Approx) has been generated illegally through illicit means which amounts to illicit enrichment of resources and by using his influence as a Public Servant being the MLA and holding a Cabinet post in erstwhile Punjab Government. The said illegal amount has been utilized for acquiring the assets which is added to the list of disproportionate assets,' the FIR mentions. According to the SIT's findings for the period 2007 to 2012, Bikram Singh Majithia's total declared income, based on income tax returns, amounted to Rs 81,06,675. However, during the same period, his assets reportedly increased to Rs 2,10,49,801, as reflected in election affidavits and income tax returns. His declared expenses stood at Rs 18,10,866. The SIT alleges that there remains an unexplained excess of assets over income amounting to Rs 1,47,53,992, for which no credible source has been provided. As part of its probe into alleged disproportionate assets and illicit financial dealings of former Punjab Cabinet Minister Bikram Singh Majithia, the Special Investigation Team (SIT) has examined a network of companies linked to Majithia and his family. According to documents reviewed by the SIT, this network comprises multiple firms incorporated before and after Majithia became a legislator in 2007, allegedly used to channel funds and obscure the true sources of wealth. The SIT alleges that before entering politics, Majithia and his family were directors and shareholders in companies such as Saraya Sugar Mills Limited (incorporated in 1956 and later merged with Saraya Industries Limited in 2009-10), Saraya Industries Limited (1980), and Saraya Aviation Private Limited (1992). These firms formed the foundation of a broader corporate structure that expanded significantly after Majithia assumed ministerial office, particularly in the renewable energy and aviation sectors. After taking charge as minister for non-conventional energy, Majithia allegedly oversaw the incorporation of several new entities under Saraya Industries Limited. These include Saraya Renewable Energy Private Limited (2009), and its wholly owned subsidiaries—Gurdaspur Power, Batala Power, Ajnala Power, and Nawanshahr Power Private Limited—all incorporated on the same day in April 2009. Saraya Aviation Private Limited also incorporated Prime Air Ambulance Private Limited in July 2009, further expanding the business network.
Cision Canada
6 days ago
- Business
- Cision Canada
Landis+Gyr Shareholders Approve All Proposals
CHAM, Switzerland, June 26, 2025 /CNW/ -- Yesterday, the Annual General Meeting of the Landis+Gyr Group AG (SIX: LAND) took place in Steinhausen, Switzerland. The Meeting approved all the Board's proposals and elected Audrey Zibelman as the new Chair of the Board of Directors. 218 shareholders (including proxies) attended the Meeting, representing 57.39% of the issued share capital. After eight years as Chair of the Board of Directors, Andreas Umbach did not stand for re-election. The departing Chair expressed his gratitude for the trust shown by shareholders and said: "It has been an extraordinary honor and privilege to serve this remarkable company for more than 25 years, including the past eight as Chair. The long-term strategic vision and commitment to innovation shared by the Board of Directors and the Executive Management team have consistently driven Landis+Gyr forward, enabling us to play a pivotal role in shaping the future of smart energy management. I extend my heartfelt thanks to our shareholders, colleagues, customers, and partners for their steadfast support and collaboration." In addition to Audrey Zibelman, all directors standing for election were re-elected to the Board of Directors for a term of office of one year: Eric Elzvik, Fabian Rauch, Andreas Spreiter, Christina Stercken, and Laureen Tolson. The Annual General Meeting elected Steve Louden and Brett Carter as new members of the Board of Directors for a term of office of one year. The newly elected Chair of the Board of Directors, Audrey Zibelman, said: "I would like to express my sincere appreciation to Andreas Umbach, our outgoing Chair, for his remarkable contributions and dedicated leadership over many years. As we enter this new chapter, I look forward to working closely with the management team under the leadership of CEO Peter Mainz, the Board, and the entire Landis+Gyr team to shape an exciting future ahead. I also warmly welcome our newest Board members, Steve Louden and Brett Carter, whose expertise will further strengthen our team." The Annual General Meeting approved the proposed distribution of CHF 1.15 per registered share, payable from statutory capital reserves. The distribution will be paid from July 1, 2025, onwards. Shareholders also approved the Annual Report and Financial Statements for FY 2024, the FY 2024 Remuneration Report in a consultative vote, as well as the Sustainability Report 2024. The detailed voting results will be published today on Landis+Gyr's investor website (link), and the minutes of the 2025 Annual General Meeting will be made available in the coming days. Key Dates Ex-Dividend Date June 27, 2025 Dividend Payment Date July 1, 2025 Release of Half Year Results 2025 October 28, 2025 About Landis+Gyr Landis+Gyr is a leading global provider of integrated energy management solutions. We measure and analyze energy utilization to generate empowering analytics for smart grid and infrastructure management, enabling utilities and consumers to reduce energy consumption. Our innovative and proven portfolio of software, services and intelligent sensor technology is a key driver to decarbonize the grid. Having enabled 9 million tons of CO 2 savings in FY 2024 through our product offerings, Landis+Gyr manages energy better – since 1896. With sales of USD 1.7 billion in FY 2024, Landis+Gyr employs around 6,300 talented people across five continents. For more information, please visit our website
