VLS Finance Limited received a provisional attachment order from the Income Tax Department targeting 5,41,394 equity shares held by its deceased promoters. The action, taken under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, relates to alleged undisclosed foreign assets.

The order was issued by the Office of the Deputy Director of Income Tax, Investigation DD/ADIT (Inv) - 3(1) FAIU, Delhi, on September 22, 2026. The company disclosed this development to the BSE and NSE on September 24, 2026, citing Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The shares in question were originally held by Ms. Divya Mehrotra and subsequently passed to Shri Mahesh Prasad Mehrotra, both of whom are deceased.

Nature of the regulatory action

The attachment covers movable and immovable properties of the promoter pending the conclusion of proceedings initiated under the Black Money Act and Section 281B of the Income-tax Act, 1961. The specific allegation involves undisclosed foreign assets representing income that has not been disclosed for taxation purposes in India.

Impact assessment

VLS Finance stated that the management perceives no material impact on its financials, operations, or other activities due to this order. The company clarified that the attachment is against the personal holdings of the promoters and not the corporate entity itself. The information was served via email at 4:29 pm on September 23, 2026, and came to the company's knowledge at approximately 5:30 pm.

What the numbers show

The attachment targets a specific block of 5,41,393 shares previously held by Ms. Divya Mehrotra and 1 share held directly by Shri Mahesh Prasad Mehrotra. This concentration indicates that the regulatory action is isolated to the legacy promoter estate rather than widespread institutional or public holding, limiting immediate liquidity pressure on the broader shareholder base.

VLS Finance has scheduled its 39th Annual General Meeting for September 29, 2026. The meeting will address the adoption of financial statements for FY26 and propose a final dividend of ₹1.50 per equity share.

The event will be conducted through Video Conference or Other Audio-Visual Means at 3:30 pm. Shareholders will consider ordinary business items including the re-appointment of Keshav Tandan as a director.

Special Business Items

The notice outlines two special resolutions for shareholder approval:

• Appointment of Dinesh Kumar Mehrotra as a Non-Executive Non-Independent Director. He was initially appointed as an Additional Director on August 11, 2026.
• Revision in remuneration for Suresh Kumar Agarwal, Managing Director. The revised package includes a basic salary of ₹4,35,900 per month and HRA/Leased Accommodation of ₹1,27,641 per month.

Governance and Compliance

The filing cites Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that requisite XBRL filings are being made separately. Harsh Consul, Company Secretary, signed the notice dated September 7, 2026.