Both MD & ED of Karnataka Bank resign late Sunday, ending speculations

Karnataka Bank's MD Srikrishnan Hari Hara Sarma and executive director Sekhar Rao resigned following auditor concerns about expenses exceeding their authority. The board accepted their resignations and initiated a search for replacements, appointing Raghavendra Srinivas Bhat as COO. Auditors flagged Rs 1.53 crore in expenses needing ratification, raising corporate governance questions.