Purple Wave Infocom Ltd

Purple Wave Infocom Limited announced the appointment of M/s. Gupta Sandeep & Associates as Internal Auditor and M/s. Soniya Gupta & Associates as Secretarial Auditor for the Financial Year 2026-27. Additionally, Mrs. Sandhya Singh, currently a Whole Time Director and co-founder, has been appointed as the Chief Executive Officer (CEO) of the Company. These key appointments were approved by the Board of Directors at its meeting held on May 28, 2026, following recommendations from the Audit Committee and Nomination & Remuneration Committee.

Purple Wave Infocom Limited reported a deviation in the utilization of ₹31.45 Crores raised via its Initial Public Offer (IPO) for the half-year ended March 31, 2026. The company originally planned to use funds for a commercial property in New Delhi but acquired an alternative property in Gurugram due to the seller's non-completion. The overall object of purchasing office space remained unchanged. Funds for debt repayment and general corporate purposes were utilized as planned, with actual issue expenses slightly exceeding estimates. The Audit Committee reviewed and confirmed the overall object was met despite the location change.

Purple Wave Infocom Limited's Board of Directors met on May 28, 2026, to consider and approve several key matters. The board approved the Audited Standalone & Consolidated Financial Results for the financial year ended March 31, 2026, along with the Statutory Auditor's Report. Additionally, the board approved the Statement of Deviation(s) / Variation(s) as per SEBI regulations. Significant appointments were also made, including M/s Gupta Sandeep & Associates as Internal Auditors and M/s. Soniya Gupta & Associates as Secretarial Auditors for FY2026-27. Furthermore, Mrs. Sandhya Singh, Whole Time Director, was designated as the Chief Executive Officer (CEO) of the company.

Purple Wave Infocom Limited issued a corrigendum clarifying a previous disclosure regarding a Show Cause Notice (SCN) received from the Directorate General of GST Intelligence (DGGI). The company stated that the SCN is a preliminary communication concerning a difference in interpretation of GST classification (HSN), not a final demand or finding of fraud. Purple Wave Infocom categorically denies all allegations of tax evasion, maintaining its classification is compliant based on legal advice and industry practices. The company is preparing a comprehensive, evidence-based reply and expects the dispute to be resolved in its favor. This development is considered a routine tax-related classification dispute with no material impact on the company's operations or business continuity.

Purple Wave Infocom Ltd has received a Show Cause Notice (SCN) from the Directorate General of GST Intelligence (DGGI), Delhi Zonal Unit, alleging short payment of GST on certain supplies made during FY 2020-21 to FY 2024-25. The notice proposes a recovery of approximately ₹8.39 Crores (excluding interest and penalty) due to a classification dispute relating to applicable HSN codes and GST rates on LED display/video wall products. The company is contesting the matter and believes it has adequate grounds to defend its position.

Purple Wave Infocom Ltd has scheduled a Board of Directors meeting on May 28, 2026, to consider and approve the audited financial results for the half year/year ended March 31, 2026. The board will also consider the appointment of Mrs. Sandhya Singh as Chief Executive Officer (CEO) of the company. The trading window for dealing in the company's securities will remain closed until 48 hours after the declaration of the audited financial results.

Purple Wave Infocom Ltd has announced the commencement of manufacturing operations at its new facility in IMT Manesar, Gurgaon, Haryana. The inauguration ceremony took place on May 15, 2026, with directors, senior management, employees, and team members present. This expansion into manufacturing aims to create a more integrated and scalable business model, improve operational capabilities, enhance quality supervision, and drive long-term sustainable growth.

Purple Wave Infocom Ltd has released its Monitoring Agency Report for the half-year ended March 31, 2026, as per SEBI regulations. The report, issued by Infomerics Valuation and Rating Ltd, was reviewed and recorded by the Audit Committee. A deviation was noted regarding the purchase of property, with the company acquiring a different property than initially planned in the IPO prospectus, without shareholder approval.

Purple Wave Infocom Ltd. announced an update regarding the utilization of IPO proceeds initially intended for purchasing an office space cum product display area. Due to unforeseen circumstances, the initially identified property could not be acquired. Consequently, the Board of Directors authorized the identification of an alternate property. The company acquired a property in Gurugram, Haryana, utilizing the IPO proceeds earmarked for the original purpose. The company confirms that there is no change in the overall object of utilization of IPO proceeds and that the funds have continued to be utilized for the same identified purpose.

Purple Wave Infocom Ltd has released the Monitoring Agency Report for the quarter ended March 31, 2026, as per SEBI (LODR) Regulations, 2015 and SEBI (ICDR) Regulations, 2018. The report, issued by Infomerics Valuation and Rating Ltd, highlights a deviation from the original IPO objectives. Specifically, the company purchased a property in Gurugram for ₹12.91 crore instead of the initially planned property in Dwarka, and shareholder approval for this change has not been obtained.