Income Tax Department provisionally attaches promoter's properties; 5,41,394 company shares affected
VLS Finance received an Income Tax Department order dated 22/09/2026 provisionally attaching properties of late promoter Shri Mahesh Prasad Mehrotra under the Black Money Act.
By ScoutQuest · · 1 min read
- Order Date
- 22/09/2026
- Equity Shares Affected
- 541,393 equity shares held by late Ms. Divya Mehrotra plus 1 equity share held by late Shri Mahesh Prasad Mehrotra
- Regulatory Authority
- Income Tax Department, Deputy Director of Income Tax, Investigation, Delhi
- Legal Basis
- Section 84 of Black Money Act, 2015 read with section 281B of Income-tax Act, 1961
- Nature of Action
- Provisional attachment of movable/immovable properties pending proceedings
What happened
VLS Finance has intimated the exchanges that it received an order dated 22/09/2026 from the Income Tax Department, Office of the Deputy Director of Income Tax, Investigation DD/ADIT (Inv) - 3(1) FAIU, Delhi.
The order is passed under section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 read with section 281B of the Income-tax Act, 1961, and provisionally attaches the movable/immovable properties of the promoter Shri Mahesh Prasad Mehrotra (since deceased), pending conclusion of proceedings under that Act.
Shares affected
- 541,393 Equity Shares of the Company held by Ms. Divya Mehrotra (since deceased), which were passed onto Shri Mahesh Prasad Mehrotra (since deceased).
- 1 Equity Share held by Shri Mahesh Prasad Mehrotra (since deceased).
The alleged issue
As disclosed, the alleged contravention relates to undisclosed foreign assets representing income that was not disclosed for the purpose of taxation in India.
Company's position
The information was served by email on September 23, 2026 at 4:29 p.m. and came to the Company's knowledge at about 5:30 p.m. Management perceives that there will not be any material impact on the financials, operations or other activities of the Company due to this order.
How to read this
A provisional attachment is a protective step by the tax authority while proceedings continue; it restricts dealing in the attached property. Here the action is against the promoter's personal assets, including a shareholding in the Company, rather than against the Company's own assets or business. The proceedings are stated to be ongoing.
More numbers
- Equity shares affected (held by Ms. Divya Mehrotra, passed to promoter)541,393 Equity Shares
- Equity share held by Shri Mahesh Prasad Mehrotra1 Equity Share
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