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| Exchange Disseminated Time 14/08/2016 08:32:17 | Magma Fincorp Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2016, inter alia, has transacted the following;
1. Mr. Srenik Singhvi, Non-Executive Independent Director of the Company has relinquished his office as a Director of the Company with effect from August 11, 2016.
2. The Board of Directors has approved appointment of Mr. V. K. Viswanathan as an Additional Director in the capacity of Non-Executive Independent Director of the Company with effect from August 13, 2016, based on the recommendations of Nomination and Remuneration Committee of the Board. Mr. Viswanathan's appointment as Independent Director is subject to the approval of the shareholders.
3. Mr. Mayank Poddar, Chairman and whole time director, has been re-designated as Chairman-Emeritus and whole time director of the Company.
4. Mr. Narayan K Seshadri, Non-Executive Independent Director of the Company has been designated as the Non-Executive Independent Chairman of the Company with effect from August 14, 2015.
5. Certain amendments have been proposed to the Articles of Association of the Company to bring clarity with respect to the clauses relating to powers of the Chairman / Vice Chairman, such amendment being subject to the approval of the shareholders.
6. The 36th Annual General Meeting (AGM) will be held on September 19, 2015. The dividend to be declared at the AGM shall be paid /dispatched on or before October 19, 2015. |
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