Visesh Infotecnics Limited has informed the Exchange regarding Appointment of Mr Mr. Atul Srivastava as Non- Executive Director of the company w.e.f. Jun 19, 2025.
Awaiting price reaction for this filing.
The Board of Directors appointed Mr. Atul Srivastava (DIN: 07101375) as an Additional Non-Executive and Non-Independent Director effective June 19, 2025, subject to shareholder approval. Mr. Srivastava has over 36 years of experience in management, accounting, and finance, holds no shares in the company, and is not related to any existing director or KMP. More importantly, the Board also acknowledged a Show Cause Notice from BSE dated June 10, 2025, warning of compulsory delisting. BSE noted that trading in the company's shares has been suspended since May 13, 2024, over a year ago, due to unresolved non-compliances with SEBI LODR Regulations, and the company has not responded to prior BSE communications. The company has 15 working days to respond, failing which BSE may initiate compulsory delisting under SEBI Delisting Regulations.
This is a severe negative signal for shareholders. Compulsory delisting would force promoters to buy out public shareholders at a valuer-determined price and trigger a 10-year market access ban on the company's promoters and whole-time directors. The director appointment is a routine governance item and does not offset the significant risk that the stock could be delisted from BSE, making it illiquid and worthless on the exchange.