The bank informed stock exchanges that two special resolutions were presented to the shareholders of the bank. .One of the special resolutions was approved by the members with the requisite majority on March 6, 2026 (being last day of remote e-voting).
The special resolution seeking reappointment of Balakrishna Alse S received support from 3,735 members who cast 11,60,61,053 votes in favour. This represented 76.78 per cent of total valid votes. As many as 182 members voted against the resolution with 3,51,01,564 votes. This represented 23.22 per cent of the total votes cast.
Meanwhile, the special resolution seeking reappointment of DS Ravindran as Non-Executive Independent Director did not get the required majority. Ravindran got support from 3,678 members who cast 8,99,59,707 votes in favour. This represented 59.45 per cent of the total valid votes cast. As many as 230 members voted against the resolution with 6,13,57,965 votes. This represented 40.55 per cent of the total votes cast.
The bank had provided the facility to all its members holding shares of the bank as on the cut-off date of January 30, 2026, to exercise their right to vote on the business specified in the Postal Ballot Notice, through remote e-voting facility. The e-voting facility commenced on February 5, 2026, at 9 am and concluded on March 6 at 5 pm.
The board had appointed Ullas Kumar Melinamogaru, Proprietor, M/S Ullas Kumar Melinamogaru & Associates, Practicing Company Secretary, as the Scrutinizer for the remote e-voting process.
The bank informed the stock exchanges on Saturday that DS Ravindran has tendered his resignation as a Non-Executive Independent Director of the bank with effect from 9 pm of March 6, 2026.
Consequent to his resignation as Independent Director, Ravindran ceased to be the member of the following committees: IT Strategy Committee of the Board (Chairman); Audit Committee of the Board (Member); Stakeholders and Customer Relations Committee of the Board (Member); and Corporate Social Responsibility Committee of the Board (Member).
On the reason for resignation, Ravindran said: “I had been renominated for a second term by the Board of the Bank. Since this resolution has not found favour with the shareholders of the Bank, I deem it morally imperative to resign from the Board with immediate effect.”
Confirming this, he said: “Pursuant to SEBI (LODR) Regulations, 2015, I confirm that there are no other material reasons for my resignation.”
Published on March 7, 2026