The resignation, circulated among the company's extended management on Friday, comes amid rising ruckus about the white goods major's declining performance and a likely change of ownership.
Speaking to Business Standard, Karwal confirmed that that he had put in his papers on May 2 and was currently serving his notice period.
"I am open to working in the company till the end of this month if the management wants me to do so," Karwal said, adding that he would take a break before taking up a new assignment.
Karwal's exit had been in the air for a while, amid reports of the parent company being unhappy with the Indian operations. Reports have pegged EKL's losses at Rs 100 crore (Rs 1 billion) in 2004.
That, while being a vast improvement over the reported losses of Rs 226 crore (Rs 2.26 billion) in 2003, may be construed as Karwal falling short of the target set for him when he joined in 2002.