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Magma Fincorp informs about change in directorate

11 Dec 2019 Evaluate

Magma Fincorp has informed that pursuant to Regulation 30 of the Listing Regulations, the Board of Directors through Resolution by Circulation dated 10 December 2019 and based on recommendation of Nomination and Remuneration Committee has approved appointment of Bontha Prasada Rao (DIN 01705080) and Sunil Chandiramani (DIN 00524035), as Additional Director in the capacity of Independent Non-Executive Directors of the Company with effect from 10 December 2019 on the Board of the Company. The Company further informed that with the induction of Rao and Chandiramani, the Board will be broad based with eminent professionals and relevant expertise and technical & managerial insight shall be added by the new Board Members. The Board of the Company shall now comprises seven directors of which five are Independent Non Executive Directors and two are Executive Directors. The Chairman of the Company is an Independent Non Executive Director. More than one-half of the Board of the Company consists of Independent Directors which includes one independent women director. The details required under Regulation 30 of the Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9 September 2015 is given in the enclosed annexure.

The above information is a part of company’s filings submitted to BSE.




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