Permanent Magnets has informed that the Company has received information from a promoter that he and his family members and his HUF have reached an understanding with the continuing promoters the former with his family member and HUF would move out from the Company as Promoters in due course of time and after following the process of law in this regard. The said promoters have been nowhere connected with the business of the Company in any manner and their exit as Promoters will not affect the business of the Company.
The above information is a part of company’s filings submitted to BSE.
