Sreeramulu's move comes against the backdrop of Chief Minister D V Sadananda Gowda deciding to leave him as also the Reddy brothers -- G Karunakara Reddy and G Janardhana Reddy -- from the cabinet following the indictment by the Lokayukta on the issue of illegal mining.
"I have received Sreeramulu's resignation letter. I will peruse it and take a decision on accepting it," Speaker K G Bopaiah said.
"I feel relieved now," Sreeramulu, who travelled from Bangalore to Madikeri to personally submit his resignation letter to the Speaker, told reporters.
The development, however, is unlikely to have any immediate fallout for the one-month-old cabinet headed by Sadananda Gowda.
"My credibility is at stake. Nothing is greater than maintaining my credibility. I am hurt over the Lokayukta report indicting me in illegal mining. But I have not indulged in illegal mining," Sreeramulu told reporters here.
"As per the wishes of my supporters I have decided to quit my Assembly membership," he said.
Sreeramulu ruled out any threat to the first-ever BJP government in the South, saying, "The government should continue. Sadananda Gowda should complete the five-year-term BJP government. There will be no harm to the government."
Sreeramulu, who claims to have the support of 40 BJP MLAs in Bellary, Raichur and Chitradurga, however, rubbished reports that he along with Bellary brothers would topple the government and establish a breakaway group.
Gowda had kept the Reddy brothers, who had also been indicted by the Lokayukta report, out of the cabinet. The Reddy brothers had been pitching for the inclusion of Sreeramulu in the state cabinet.