Magma Leasing - Outcome Of Board Meeting

Magma Leasing Ltd has informed that the Board of Directors of the Company at its meeting held on April 12, 2007, inter alia, has resolved the following issues:1. Mr. S K Todi and Mr. Ravi Todi have been appointed as Additional Directors on the Board and have been designated as Vice Chairman and Joint Managing Director respectively.2. Mr. Sanjay Chairman, Managing Director has been re-designated as the Vice Chairman and Managing Director.3. The Board has, subject to approval of the shareholders, approved Magma Employee Stock Option Plan, 2007 to be make applicable for all eligible employees of the Company.