Mangaluru: Karnataka Bank Limited conducted its 102nd Annual General Meeting (AGM) through virtual mode from Mangaluru on September 22, with shareholders approving all seven resolutions placed before the meeting with the requisite majority.

The AGM was presided over by Pradeep Kumar P, Chairman of Karnataka Bank, in the presence of Raghavendra S Bhat, Managing Director and Chief Executive Officer (MD & CEO), members of the Board, the bank’s legal adviser and senior management.

The meeting covered key appointments, statutory matters, financial statements and the final dividend for the financial year ended March 31, 2026.

Shareholders approve director reappointment

Among the important resolutions approved was the reappointment of B R Ashok as a non-executive, non-independent director of Karnataka Bank.

Ashok had retired by rotation and, being eligible for reappointment, offered himself for another term on the Board. The shareholders approved the resolution with the required majority.

The AGM also considered several other appointments as part of the bank’s governance and management structure.

New executive and independent directors appointed

Shareholders approved the appointment of Biji S S as Executive Director of Karnataka Bank.

The shareholders also approved the appointment of Dr M. Aruna Shyam and Parthasarathi Periaswamy as non-executive independent directors of the bank.

The appointments are part of the bank’s Board-level governance framework and were among the resolutions placed before shareholders at the 102nd AGM.

Joint statutory auditors appointed

Another resolution approved by the shareholders concerned the appointment of M/s Batliboi & Purohit as joint statutory auditors of Karnataka Bank.

The appointment was among the key statutory and governance-related matters considered at the AGM.

Statutory auditors play a key role in examining a bank’s financial statements and reporting on the financial information presented by the institution.

Rs 5 final dividend approved

The shareholders also approved a final dividend of Rs 5 per equity share for the financial year ended March 31, 2026.

The dividend approval was among the financial resolutions considered during the virtual AGM.

In addition, shareholders approved the audited standalone and consolidated financial statements of Karnataka Bank for the financial year 2025–26.

The reports of the directors and auditors accompanying the financial statements were also placed before the shareholders and approved.

AGM concludes with shareholder appreciation

The 102nd AGM brought together the bank’s leadership, Board members, legal adviser, senior management and shareholders through a virtual platform.

All seven resolutions presented before the meeting were approved with the requisite majority, covering Board appointments, statutory auditor appointment, dividend and approval of the bank’s financial statements and related reports.

The meeting concluded with Karnataka Bank expressing its appreciation to shareholders for their continued trust and support.

The approvals at the AGM mark the completion of the bank’s annual shareholder process for the financial year 2025–26, while the appointments and governance resolutions will form part of its Board and management framework going forward.