As a native BrE speaker I've never heard this phrasing used, so I suggest that it is not normal in everyday speech.
As to the meaning, I think you are correct. A more normal way of saying it would be
I don't know if any action will arise from this.
or
I don't know if this will result in any action.
=== later ===
Based on various comments the sentence could be ambiguous. My answer is based on a third possible wording
I don't know if any action will come out of this.
Which, IMHO, is an inferior way of saying one of my first two possibilities, but I concede it could mean
I don't know if any action will be dropped from the agenda before this meeting. [for unspecified reasons]
But as others have said, both sentences are poor English. The first sentence could be either "The next meeting will be on Friday" or "The meeting will be on next Friday"