Latest news with #Mangaluru-based
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.
Hindustan Times
24-06-2025
- Politics
- Hindustan Times
Four nominated for Karnataka Backward Classes panel
The government has started preparations for a new socio-educational survey with chief minister Siddaramaiah nominating four new members to the Karnataka State Commission for Backward Classes. The government has started preparations for a new socio-educational survey with chief minister Siddaramaiah nominating four new members to the Karnataka State Commission for Backward Classes. (PTI) 'Four new members have been appointed to the commission — former IGP K Arkesh from Channapatna, advocate Shivanna Gowda from Mysuru, Mangaluru-based assistant professor B Sumana, and CM Kundagol, a retired principal from Dharwad. With these additions, the panel is now fully operational under the leadership of Madhusudhan R Naik, a former advocate-general who was appointed as the chairman in January,' said a senior official familiar with the development. It was communicated to the commission on Sunday. 'The commission is expected to hold discussions soon and advise the government on how to proceed with the proposed enumeration of the population,' the official said. The official further said that the recommendations have been communicated to the commission, however, the official orders are yet to be issued. While the commission may be entrusted with the task, officials have indicated the possibility of setting up a new committee for the purpose. Siddaramaiah has also asked his ministers to share their suggestions before finalising modalities. Unlike the 2015 exercise, which relied heavily on schoolteachers and suffered delays, the upcoming survey will likely lean on digital tools to speed up data collection, the official quote above said. With schools now in session, the government is considering deploying teachers after class hours and paying them for their time, said another official. However, the revival of socio-educational survey efforts has reignited resistance from powerful communities, including Vokkaligas and Veerashaiva-Lingayats, who previously slammed the Kantharaju report as flawed and accused it of undercounting their populations. On Sunday, the Samajika Nyaya Jagruthi Vedike warned the state against rushing into another survey. At a roundtable in Bengaluru, members questioned the need for a state-specific count when the Union government has already committed to a caste-based enumeration in the upcoming decadal census. 'The Karnataka government has already wasted 10 years in the name of caste census. A resolution was taken in the meeting to urge the government not to waste people's tax money and time to conduct another caste census,' said Vishnukant Chatapalli, a representative of the forum. He further said, 'The central government will conduct a caste census along with the population census. The caste census will include social and educational aspects as well as cultural details. The Centre will spend ₹ 13,000 crore for this.' Arguing that only Union-collected data would have constitutional legitimacy, the forum demanded the state to release the Kantharaju report to the public and refrain from initiating a parallel process. 'If the state government does not stop conducting separate caste censuses, legal action should be taken,' said Chatapalli. Attacking the government, BJP MLA V Sunil Kumar questioned the chief minister's shifting position on implementing the Hegde report. 'No matter how much pressure comes, we will not accept Jayaprakash Hegde's report. Chief minister Siddaramaiah has repeatedly said that we will implement the recommendations of that report. But why did he change his stance after going to Delhi and returning?' he asked. 'Whether the government accepts or implements the report is a secondary issue. First, it should be released for public awareness.' Responding to these criticisms, Congress MLA Yathindra, Siddaramaiah's son, blamed the previous governments for the delay in caste enumeration. 'Had those administrations responded appropriately and moved forward with the earlier report, we wouldn't be in a position where another survey is necessary,' he said, referring to the BJP and JD(S) governments' inaction on the 2015 report.
Hans India
06-06-2025
- General
- Hans India
4,300 trees for a cleaner, greener coast
Mangaluru: Driven by public spirit and deep love for the environment, environmentalist Jeet Milan leads a massive afforestation effort on Mangaluru's road dividers. In a remarkable display of public spirit and environmental commitment, Mangaluru-based green crusader Jeet Milan has undertaken the planting of 4,300 Ratnagandhi saplings along major road dividers in the city. The initiative, launched in conjunction with World Environment Day, is aimed at both beautifying the coastal city and improving its ecological health. As the founder of Vanaa Charitable Trust, Jeet Milan has long been involved in a variety of green projects in and around Mangaluru. His initiatives include tree planting, waste management drives, and awareness programmes that draw community participation. His latest project—planting vibrant Caesalpinia pulcherrima (commonly known as Ratnagandhi or Peacock Flower)—has become a talking point across the region. 'From Kankanady to Nandigudda, Maroli to Morgans Gate, and Maroli to Mangaladevi, we have planted 4,300 Ratnagandhi saplings along the medians. This project was fully funded by the Vanaa Charitable Trust, with 3,000 saplings sponsored by the Trust and another 1,300 supported by CFL,' said Jeet Milan. The planting activity was carried out over four days with active participation from volunteers and well-wishers. These specially chosen plants are not just ornamental. Known for their nitrogen-fixing ability, they enrich soil quality and reduce air pollution. Their brightly coloured blossoms—ranging from yellow and red to orange—also attract pollinators like birds, butterflies, and bees, enhancing local biodiversity. Moreover, the Ratnagandhi plant is hardy and drought-tolerant, requiring minimal maintenance—ideal for urban spaces like road dividers. Beyond this project, Jeet Milan and his team have been consistently greening Mangaluru and its surrounding areas. Their activities include organising composting workshops, reducing plastic waste through awareness campaigns, and introducing environmental education in schools and colleges. By engaging with the community and involving local residents in plant protection, Jeet has helped foster a culture of environmental stewardship in the city. Botanically known as Caesalpinia pulcherrima, the Ratnagandhi or Peacock Flower is admired for its resilience, pest-repelling qualities, and colourful blooms. As Mangaluru gradually transforms under the shade of these green efforts, Jeet Milan's vision stands out as a shining example of citizen-led environmental transformation.
Hans India
05-06-2025
- General
- Hans India
Mangaluru Man's Green Crusade: 4,300 Trees for a Cleaner, Greener Coast
Mangaluru: Driven by public spirit and deep love for the environment, environmentalist Jeet Milan leads a massive afforestation effort on Mangaluru's road dividers. In a remarkable display of public spirit and environmental commitment, Mangaluru-based green crusader Jeet Milan has undertaken the planting of 4,300 Ratnagandhi saplings along major road dividers in the city. The initiative, launched in conjunction with World Environment Day, is aimed at both beautifying the coastal city and improving its ecological health. As the founder of Vanaa Charitable Trust, Jeet Milan has long been involved in a variety of green projects in and around Mangaluru. His initiatives include tree planting, waste management drives, and awareness programmes that draw community participation. His latest project—planting vibrant Caesalpinia pulcherrima (commonly known as Ratnagandhi or Peacock Flower)—has become a talking point across the region. 'From Kankanady to Nandigudda, Maroli to Morgans Gate, and Maroli to Mangaladevi, we have planted 4,300 Ratnagandhi saplings along the medians. This project was fully funded by the Vanaa Charitable Trust, with 3,000 saplings sponsored by the Trust and another 1,300 supported by CFL,' said Jeet Milan. The planting activity was carried out over four days with active participation from volunteers and well-wishers. These specially chosen plants are not just ornamental. Known for their nitrogen-fixing ability, they enrich soil quality and reduce air pollution. Their brightly coloured blossoms—ranging from yellow and red to orange—also attract pollinators like birds, butterflies, and bees, enhancing local biodiversity. Moreover, the Ratnagandhi plant is hardy and drought-tolerant, requiring minimal maintenance—ideal for urban spaces like road dividers. Beyond this project, Jeet Milan and his team have been consistently greening Mangaluru and its surrounding areas. Their activities include organising composting workshops, reducing plastic waste through awareness campaigns, and introducing environmental education in schools and colleges. By engaging with the community and involving local residents in plant protection, Jeet has helped foster a culture of environmental stewardship in the city. Botanically known as Caesalpinia pulcherrima, the Ratnagandhi or Peacock Flower is admired for its resilience, pest-repelling qualities, and colourful blooms. As Mangaluru gradually transforms under the shade of these green efforts, Jeet Milan's vision stands out as a shining example of citizen-led environmental transformation.
The Hindu
24-05-2025
- The Hindu
Overseas job fraud victims waiting for relief in Mangaluru
Several victims, who were cheated of overseas job by a Mangaluru-based overseas recruitment firm, demanded return of the money they had paid the firm. Talking to reporters in Mangaluru on Saturday , Leena Fernandes said she and 29 others paid money to the firm 'The Legend' in 2021 for jobs for their children in Spain and Australia. Having failed to get the job, she and other victims approached police. 'My statement is among the statements of victims that the (Mangaluru East) police have recorded in the case of cheating that was registered (in 2023). I had paid ₹5 lakh and I have so far received only ₹2 lakh in return,' she said. Xavier Mathias said he has paid ₹5 lakh to the firm that promised his relative a job in popular finance firm in Australia. He has so far not received any money in return. Gilbert Vaz said his daughter Glevita quit her post of lecturer and paid ₹6 lakh to the firm in 2022. She has so far received only ₹1 lakh. Laveena Aaranha said she paid ₹1.30 lakh to the firm for a job to his son in Qatar. Anita Fernandes said she paid ₹5 lakh in 2021 to the firm that had promised a job for her daughter in a Netherlands. She too has so far not received any money in return. Brandon Pinto, who had paid ₹1.3 lakh to the firm in 2022 for a job in aviation sector, said many victims were not aware that they need to check registration of overseas recruitment firms with the Ministry of External Affairs before transacting with those firms. There is not much awareness about operation of Protector of Immigrants of the External Affairs Ministry, he said. Meanwhile, the city police said case of cheating against 'The Legend' was registered in Mangaluru East police station in 2023. The proprietor of the firm Alwyn D'Mello was arrested and several articles of the firm were seized. The case is still under investigation, the police said.
