Magma Fincorp Limited announced that Mr. Satya Brata Ganguly, who was first appointed as Non-Executive Independent Director on the Board of the Company on 16 July 2010, and was reappointed as Non-Executive Independent Director for a term of five consecutive years with effect from 25 September 2014 pursuant to the provisions of the Companies Act, 2013, and the Circular issued by the Ministry of Corporate Affairs dated 9th June 2014, has completed the tenure of his directorship on 24 September 2019. Mr. Ganguly has conveyed to the Board that since he has attained the age of 75 years, he would not seek re-appointment as Independent director on the Board of the Company post completion of this term. Accordingly, Mr. Ganguly shall cease to be a Director of the Company with effect from the close of business hours of September 24, 2019.