Purple Wave Infocom Limited announced significant corporate developments following its board meeting held on 26th March 2026. The board approved multiple strategic initiatives including subsidiary incorporations, employee stock option scheme implementation, and leadership transition.

Subsidiary Incorporation Approvals

The board approved the incorporation of two wholly owned subsidiaries to expand the company's AV industry operations. The first subsidiary, Nano Theatre Private Limited, will be incorporated in Delhi with a proposed authorized and paid-up capital structure of 10,000 shares at Rs. 10.00 per share face value.

The second subsidiary will be incorporated in the United Arab Emirates (UAE), with specific details including name and initial investment amount to be finalized subject to regulatory approvals under UAE laws.

Employee Stock Option Scheme Launch

The board approved the introduction of "PWIL ESOP 2026" scheme in accordance with the Companies Act, 2013 and SEBI regulations. The scheme offers significant employee participation opportunities with comprehensive terms.

The exercise price will be determined by the Nomination and Remuneration Committee, ensuring it falls between the face value and prevailing market price on the grant date.

Extraordinary General Meeting Scheduled

To seek shareholder approval for the ESOP scheme, the board has convened an Extraordinary General Meeting (EGM) scheduled for 9th May 2026 at 02:00 PM. The meeting will be conducted through video conferencing and other audio-video means, with the notice to be circulated to shareholders via email.

CEO Leadership Transition

The board accepted the resignation of Mr. Shaurya Jitendra Somani from his position as Chief Executive Officer, effective 1st April 2026. According to the resignation letter dated 24th March 2026, the departure is due to his appointment as a director in the company's new wholly owned subsidiary.

The company confirmed that there are no material reasons for the resignation beyond those stated in the resignation letter, and no internal disputes or governance issues are involved in this transition.

Strategic Business Expansion

These developments represent Purple Wave Infocom's strategic expansion in the AV industry through both domestic and international subsidiaries. The UAE subsidiary will enable international business operations and expansion aligned with the company's strategic objectives, while the Delhi-based Nano Theatre Private Limited will strengthen domestic AV industry presence.