Visesh Infotecnics Limited has informed the Exchange regarding 'This is to inform you that we are in receipt of the notice from SEBI, the Division of Prosecution, bearing reference No. SEBI/HO/PSD/PSD-PD-1/P/OW/2025/20116/1 dated July 25, 2025, has received by the Company today, i.e., August 6, 2025. Copy is enclosed.'.
Awaiting price reaction for this filing.
Visesh Infotecnics (formerly MPS Infotecnics) has received a notice from SEBI's Division of Prosecution dated July 25, 2025, for failing to comply with directions issued by SEBI's Whole Time Member in an order dated March 6, 2020. The original 2020 order had directed the company to bring back an outstanding amount of USD 8.90 million into its Indian bank account and submit a compliance certificate from a peer-reviewed Chartered Accountant. SEBI has classified this non-compliance as an offense under Section 24(2) of the SEBI Act, 1992, which is punishable with imprisonment up to 10 years, a fine up to Rs. 25 crores, or both. The company has been given 15 days to comply and submit the required certificate, or face prosecution proceedings. Notices have also been sent to several directors individually.
This is a negative development for shareholders — failure to comply within 15 days could trigger formal prosecution against the company and its directors, with potential fines up to Rs. 25 crores or imprisonment. The unresolved USD 8.90 million fund recovery issue raises serious concerns about corporate governance and could weigh on the stock price.