Intimation under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Awaiting price reaction for this filing.
Infronics Systems has disclosed that its bank account with Axis Bank has been placed under debit freeze by the bank, following directions from investigating authorities. This is linked to a criminal complaint and FIR lodged at P. M. Palem Police Station, Visakhapatnam, which the company had first flagged on December 31, 2025. This is the second bank account to be frozen — an ICICI Bank account was already frozen earlier. While debit (withdrawal) transactions are restricted, credit entries into the account are still permitted. The company says it cannot yet quantify the financial impact and that no financial liability has crystallized so far. Management is in the process of responding to the authorities and exploring legal remedies.
This is a negative development for shareholders — two of the company's bank accounts are now debit-frozen, which could disrupt day-to-day business operations and create short-term cash flow issues. However, since the company can still receive credits, the situation may be manageable while legal recourse is pursued. The stock could see negative sentiment given the legal overhang.