Purple Finance Limited (PFL) has announced significant changes in its leadership structure and is seeking shareholder approval for key decisions.

Leadership Changes and Board Appointment

On November 17, 2025, Mr. Rajeev Deoras stepped down from his role as Executive Director of Purple Finance Limited. He was immediately reappointed as President in a senior management capacity, albeit not as a board member. Mr. Deoras cited personal reasons for his resignation from the board but will maintain his leadership responsibilities and oversight functions.

In a related development, Purple Finance Limited announced the appointment of Mr. Sandeep Jindal as an Additional Director, designated as Non-Executive Non-Independent Director, effective November 17, 2025. This appointment follows recommendations from the Nomination Remuneration Committee and confirmation from the Reserve Bank of India (RBI).

Shareholder Approval Process

Purple Finance Limited has issued a postal ballot notice seeking member approval for two key matters:

1. Regularizing Sandeep Jindal as Non-Executive Non-Independent Director for a term of 3 years effective November 17, 2025.
2. Reclassifying certain shareholders from the Promoter Group to the Public category.

The e-voting period for these decisions runs from December 4, 2025 to January 2, 2026. The results of the postal ballot are expected to be announced by January 6, 2026.

Strategic Importance

The company highlighted Mr. Deoras's significant contributions to PFL's strategic and operational direction. His extensive experience and ongoing leadership involvement were cited as key factors in the decision to retain him in a senior executive role.

Purple Finance Limited stated that it is entering a high-growth phase, with ambitions of eventually becoming a Small Finance Bank. The company believes that Mr. Deoras's continued involvement will be crucial in ensuring that PFL:

• Scales with discipline
• Upholds the trust of all stakeholders
• Remains fully compliant with all regulatory frameworks

Sandeep Jindal's Background

Mr. Jindal is a Chartered Accountant with over 25 years of experience in NBFCs and capital markets. His expertise in strategic, operational, and business leadership is expected to contribute significantly to the company's board.

Conclusion

These leadership changes and the pending shareholder approvals at Purple Finance Limited appear to be strategic moves to retain key talent while strengthening the board with new expertise. As PFL aims to balance rapid growth with maintaining portfolio quality and regulatory compliance, the combined experience of Mr. Deoras in his new role and Mr. Jindal on the board may prove valuable in navigating the company's ambitious future plans.

Purple Finance Limited (PFL) has announced a significant development in its corporate governance structure. The Reserve Bank of India (RBI) has taken note of the company's proposal to appoint Mr. Sandeep Jindal as a Non-Executive Non-Independent Director.

Key Details of the Appointment

Next Steps in the Appointment Process

The appointment of Mr. Jindal is not yet finalized. Purple Finance Limited has outlined the following steps:

1. The proposal will be presented to the Board of Directors at the upcoming Board Meeting for consideration.
2. If approved by the Board, the appointment will then be subject to shareholder approval.

This move by Purple Finance Limited indicates the company's commitment to maintaining strong corporate governance practices and ensuring regulatory compliance. The RBI's noting of the appointment proposal is a crucial step in the process, particularly for financial institutions where regulatory oversight is stringent.

It's important to note that while the RBI has taken note of the proposal, the final appointment is contingent on both Board and shareholder approvals. This multi-step process underscores the company's adherence to corporate governance norms and shareholder interests.

Purple Finance Limited continues to keep its stakeholders informed about significant corporate actions, as evidenced by this timely disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investors and market watchers will likely keep a close eye on the forthcoming Board Meeting and subsequent shareholder approval process to see if Mr. Jindal's appointment is finalized, potentially bringing new perspectives to Purple Finance's leadership team.