Permanent Magnets Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 09, 2008, inter alia, has transacted the following:

1. The Board took on record three separate Orders dated April 04, 2008 each of the Hon’ble High Court of Mumbai approving the Scheme of Amalgamation of (1) Taparia Magnetics Pvt Ltd, (2) Sampada Capital Services Ltd and (3) Suyog Agencies Ltd. with the Company, in respect of the petitions made by the said transferor Companies. In this connection it may be mentioned that the Scheme of Amalgamation of the said three Companies with Permanent Magnets Ltd, and of the Arrangement between the Company and its Preference Shareholders was already approved by the Hon’ble High Court of Gujarat vide its Order dated December 06, 2007. with the Orders now by the Hon’ble High Court of Mumbai, all approvals for implementing the Scheme of Amalgamation and Arrangement are received.

2. The Board authorized Shri. Shyamsunder Taparia, Managing Director of the Company, failing him Shri. Anil Kumar Taparia, a Director of the Company to submit the Copy of scheme of amalgamation and arrangement along with form no.21 to the Registrar of Companies, Maharashtra.

3. The Board authorized Shri. Shyamsunder Taparia, Managing Director of the Company, failing him Shri. Anil Kumar Taparia, a Director of the Company and failing him Shri. Girish Desai, an Officer of the Company to make the necessary application for adjudication of stamp duty to the concerned Superintendent of Stamps and for payment of the stamp duty as applicable under the law.

4. The Board authorized Shri. Shyamsunder Taparia or falling him Shri. Anil Kumar Tapria to make the necessary application for listing of new shares at the BSE Ltd.

5. The Board approved the draft consolidated accounts of the Company subject to audit for the year ended March 31, 2007. With a view to conserve resources, the Board considered it prudent not to declare any dividend for the year ended March 31, 2007.

6. The Board also decided that the adjourned AGM of December 29, 2007 shall now be held on June 25, 2008 and for the purpose approved the notice of Adjourned AGM for adoption of Accounts for the year ended March 31, 2007.

7. The Board confirmed its earlier decision of submission of Audited results for the year ended March 31, 2008 in June, 2008 instead of approving unaudited results for the quarter ended on March 31, 2008.

8. The Board decided to appoint Shri. Sharad Taparia, an officer of the Company and a member of the promoter family, as a Director on the Board of the Company and designate him as the Executive Director, subject to such approvals as may required for his appointment and remuneration.