Latest news with #Auditor'sReport
Indian Express
17 hours 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.
United News of India
20 hours ago
- Business
- United News of India
Karnataka Bank top officials resign
Bengaluru, June 29 (UNI) The Board of Directors of Karnataka Bank today formally accepted the resignation of its Managing Director and Chief Executive Officer, Srikrishnan Hari Hara Sarma, effective July 15. Sarma cited personal reasons, including a decision to relocate to Mumbai, for stepping down from his post. In another major development, the Bank's Executive Director, Sekhar Rao, has also tendered his resignation citing his inability to relocate to the Bank's headquarters in Mangaluru along with other personal considerations. His resignation will take effect on July 31. Following these developments, the Bank has constituted a Search Committee tasked with identifying suitable candidates for both the MD & CEO and Executive Director positions. To ensure operational continuity, Karnataka Bank has appointed a senior banker as its Chief Operating Officer (COO), who will assume charge on July two. The Bank also informed that necessary substitute arrangements are being undertaken, subject to regulatory approval. Addressing queries related to the Emphasis of Matter included in the Auditor's Report for FY2024-25, the Bank clarified that the issue had been discussed and amicably resolved. Reassuring its stakeholders, the Bank reiterated its financial strength, stating it remains well-capitalised and stable. 'The transformational journey initiated by the Bank will continue unhindered,' the official statement added. UNI BDN SS
Yahoo
12-06-2025
- Business
- Yahoo
RadView Software Ltd. Announces Agenda for Annual General Meeting
RA'ANANA, Israel, June 12, 2025 (GLOBE NEWSWIRE) -- RadView Software Ltd. (OTCMKTS:RDVWF) today announced that its Annual General Meeting of Shareholders will be held on July 23, 2025 at 15:00 PM (Israel time) at the offices of the Company, 4 Dolev Street, Raanana, 4366204, Israel The record date for the meeting is June 18, 2025. The agenda of the meeting is as follows: To re-elect Mr. Shai Beilis, Mr. Avi Fried, Mr. Ori Gal and Mr. Assaf Katan to the Company's Board of Directors, to serve until the next annual general meeting of shareholders and until their successors have been duly elected and qualified; To re-elect Mr. Hillik Nissani and Ms. Tamar Naor to the Company's Board of Directors as external directors, to hold office for 3 years, commencing on the date of their re-election; To set the compensation of the External Directors (comprised of Director Fees and a grant of additional options); To set the compensation of each of Mr. Ori Gal and Mr. Assaf Katan, directors of the Company; To approve and ratify the compensation of Mr. Firas Matar, the CEO of the Company. To approve the renewal of the Company's directors' and officers' liability insurance policy with a coverage of $3,000,000 and the Company's indemnification and exemption of directors and officers; To reapprove the Company's Compensation Policy; To approve an amendment to the Convertible Loan Agreements with the Company's controlling shareholder, Formula Ventures (Holdings) Ltd, and other certain lenders; To approve the Convertible Loan Agreements (2022) with the Company's controlling shareholder, Formula Ventures (Holdings) Ltd, and other certain lenders, as amended; To reapprove the Management Services Agreements with each of the Company's controlling shareholders, Formula Ventures Ltd. and Mr. Avi Fried; To appoint BDO, as the Company's Independent Auditors, for each of the fiscal years ending December 31, 2022, December 31, 2023 and December 31, 2024 and for such additional period until the next annual general meeting of shareholders; and To review the Auditor's Report and the Company's Consolidated Financial Statements for the fiscal years ended December 31, 2020, December 31, 2021, December 31, 2022 and December 31, 2023. Proposals No. 1, 3, 4 and 11 are ordinary resolutions, which require the affirmative vote of a majority of the shares. Proposals 2, 5, 6 , 7, 8, 9 and 10 are special resolutions, which have other majority requirements, as more fully described in the proxy statement. The presentation to the shareholders of the Company's Consolidated Financial Statements for the fiscal years ended December 31, 2020, December 31, 2021, December 31, 2022 and December 31, 2023 described in Proposal 12 does not involve a vote of the Company's shareholders. The Board recommends the approval of each of these proposals. The presence, in person or by proxy, of at least two shareholders holding at least 33⅓% of the voting rights, will constitute a quorum at the meeting. If within one-half of an hour from the time appointed for the meeting a quorum is not present, the Meeting will be adjourned to the same day in the next week, at the same time and place. Additional Information and Where to Find It In connection with the meeting, RadView will send to its shareholders as of the record date a proxy statement describing the various matters to be voted upon at the meeting, along with a proxy card enabling them to indicate their vote on each matter. Copies of the resolutions to be adopted at the meeting, and the Company's Consolidated Financial Statements will be available to any shareholder entitled to vote at the meeting, at the Company's offices during regular business hours or upon written request, submitted to the Company. You can contact the Company by phone at +1(908)5267756, or by email, at Finance@ About RadView RadView helps companies perfect their web and mobile applications with the most reliable and flexible performance engineering platform available, for more than 25 years. We address the performance requirements of such applications throughout their product life-cycle, from initial design through development, deployment, and ongoing changes and upgrades. Visit or call in to access your portfolio
Yahoo
06-05-2025
- Business
- Yahoo
HAFNIA LIMITED: Audited Financial Statements 2024
SINGAPORE, May 06, 2025--(BUSINESS WIRE)--Hafnia Limited ("Hafnia", the "Company", OSE ticker code: "HAFNI", NYSE ticker code: "HAFN") hereby publishes the Directors' Statement, Audited Financial Statements for the financial year ended 31 December 2024, and the Auditor's Report thereon (together, the "AGM Financial Materials"), which have been prepared to meet the financial reporting requirements in Singapore and which will be tabled for adoption by the shareholders at the Company's Annual General Meeting to be held on 14 May 2025. The AGM Financial Materials can be found on the Company's website at About Hafnia Limited: Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies. As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea. Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years. View source version on Contacts Mikael SkovCEO Hafnia Limited+65 8533 8900 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
06-05-2025
- Business
- Business Wire
HAFNIA LIMITED: Audited Financial Statements 2024
SINGAPORE--(BUSINESS WIRE)--Hafnia Limited ("Hafnia", the "Company", OSE ticker code: "HAFNI", NYSE ticker code: 'HAFN') hereby publishes the Directors' Statement, Audited Financial Statements for the financial year ended 31 December 2024, and the Auditor's Report thereon (together, the 'AGM Financial Materials'), which have been prepared to meet the financial reporting requirements in Singapore and which will be tabled for adoption by the shareholders at the Company's Annual General Meeting to be held on 14 May 2025. The AGM Financial Materials can be found on the Company's website at About Hafnia Limited: Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies. As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea. Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.
