Held on 26 April 2016
Magnum Ventures announced that the Board of Directors of the Company at its meeting held on 26 April 2016, has:1. Took note of exit of the Company from CDR Scheme.
2. Approved the cancellation of the non-convertible debenture of Rs. 34.12 crore issued under the CDR package.
3. Discussed and took note of not pledging promoters' share to make 100% pledge as per CDR package.
4. Discussed and took note of the expected contingent liability on account of notional interest.
5. Discussed and took note of the assignment / takeover of Oriental Bank of Commerce outstanding by Alchemist Asset Reconstruction Company (AARC) and its treatment in accounts of the Company.
6. Discussed and took note of the assignment / takeover of Allahabad Bank outstanding by Alchemist Asset Reconstruction Company (AARC) and its treatment in accounts of the Company.
7. Took note of disclosure of interest by directors under Section 184 and 164(2) of the Companies Act, 2013.
8. Took note of affirmation to code of conduct from Directors.
9. Took note of affirmation to code of conduct from Senior Management Personnel.
10. Took note of affirmation to code of conduct for Prohibition of Insider Trading.
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