Sorry, not V/P but V/S. V for Vignali (the design house that Michelotti worked for) and S for Standard-Triumph for whom the design work was for. Crossed flags were displayed on other Michelotti/Vignale designs for various other manufacturers, eg. Masserati,, Lancia, etc.
https://www.jensenmuseum.org/alfredo-vignale-life-times/ is an interesting read.
C.