Purple Wave Infocom Ltd Announces Board Decisions Including Subsidiary Incorporation and CEO Resignation
Purple Wave Infocom Ltd announced several key decisions following a board meeting held on March 26, 2026. The company approved the incorporation of two wholly-owned subsidiaries and an employee stock option scheme (ESOP). Additionally, the company noted the resignation of its Chief Executive Officer.The board approved the incorporation of a wholly-owned subsidiary in India named Nano Theatre Private Limited, based in Delhi. The authorized capital and paid-up capital are set at 10,000 shares with a par value of ₹10 per share. A second wholly-owned subsidiary is planned for incorporation in the United Arab Emirates (UAE).
The board also approved the introduction and implementation of the PWIL ESOP 2026, authorizing the grant of up to 400,000 employee stock options.
An Extraordinary General Meeting (EGM) is scheduled for May 9, 2026, at 2:00 PM via video conferencing or other audio-visual means to seek shareholder approval for the ESOP scheme.
The board accepted the resignation of Mr. Shaurya Jitendra Somani as Chief Executive Officer (CEO), effective April 1, 2026. Somani’s resignation is due to a change in his appointment as a director in a newly formed wholly-owned subsidiary.
Subsidiary Details
The following table summarizes details regarding the incorporation of the new subsidiaries:
| Particulars | Nano Theatre Private Limited | UAE Subsidiary |
|---|---|---|
| Name | Nano Theatre Private Limited | To be decided |
| Jurisdiction | India (Delhi) | United Arab Emirates (UAE) |
| Authorized Capital | ₹10,000 | To be decided |
| Business | AV Industry | AV Industry |
| Initial Investment | Cash | Cash |
| Ownership | 100% | 100% |
ESOP Scheme Details
| Particulars | Details |
|---|---|
| Total Number of Shares Covered | 400,000 |
| Exercise Price | Determined by the Nomination and Remuneration Committee (NRC), not less than the face value of the equity shares and not more than the prevailing market price |
| Vesting Period | One year |
| Exercise Period | Commences from vesting date and expires on completion of 3 years |
CEO Resignation Details
| Particulars | Details |
|---|---|
| Name | Mr. Shaurya Jitendra Somani |
| Designation | Chief Executive Officer (CEO) |
| Effective Date | April 1, 2026 |
| Reason | Change in appointment as a director in a new wholly-owned subsidiary |
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