MAGNUM VENTURES LTD. - Outcome of Board Meeting

Magnum Ventures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 26, 2016, has:<BR><BR>1. Took note of exit of the Company from CDR Scheme.<BR><BR>2. Approved the cancellation of the non-convertible debenture of Rs. 34.12 crores issued under the CDR package.<BR><BR>3. Discussed and took note of not pledging promoters' share to make 100% pledge as per CDR package.<BR><BR>4. Discussed and took note of the expected contingent liability on account of notional interest.<BR><BR>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.<BR><BR>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.<BR><BR>7. Took note of disclosure of interest by directors under Section 184 and 164(2) of the Companies Act, 2013.<BR><BR>8. Took note of affirmation to code of conduct from Directors.<BR><BR>9. Took note of affirmation to code of conduct from Senior Management Personnel.<BR><BR>10. Took note of affirmation to code of conduct for Prohibition of Insider Trading.