The Karnataka Bank Limited has submitted the Exchange about Scrutiniser's Report and Declaration of Result of e-Voting conducted through Postal Ballot
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Karnataka Bank conducted a postal ballot through e-voting from June 30 to July 29, 2025, on two special resolutions for re-appointing independent directors for a further period of three years. The re-appointment of Mr. Justice A.V. Chandrashekar (DIN: 08829073) failed, having received only 74.08% votes in favour against the 75% threshold required for a special resolution under the Companies Act, 2013, with 25.92% voting against. The re-appointment of Mr. Pradeep Kumar Panja (DIN: 03614568) was passed with a strong 97.51% in favour and just 2.49% against. CS Lekha Ashok of SVJS & Associates served as the scrutiniser for the process.
The failure of Justice Chandrashekar's re-appointment is a notable outcome, as it falls just short of the 75% special resolution threshold and could create short-term governance uncertainty regarding the continuity of an independent director on the board. Shareholders may watch for the bank's next steps to fill the vacancy or convene another vote.