Company Disclosure
Elitecon International Limited (BSE: 539533, NSE: ELITECON, ISIN: INE669R01026) submitted a regulatory disclosure under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, dated July 20, 2026.
Regulatory Background
On March 30, 2026, SEBI passed an ex parte Interim Order against the Company, its promoter, and certain other individuals. The order restricted debits from bank accounts of the noticees, subject to specified terms and exceptions. The Company notes that the observations in the Interim Order are prima facie in nature, investigation remains pending, and no final determination has been made.
Company Response and Proceedings
The Company made relevant disclosures to stock exchanges, participated in the inspection process, and filed its preliminary response on June 25, 2026. The Company intends to place further detailed submissions before SEBI and remains committed to full cooperation in ongoing regulatory proceedings.
Banking Operations Impact
The restrictions materially affected the Company's ability to undertake ordinary business activities, process payments, and meet operational commitments during the quarter ended June 30, 2026.
SEBI Clarification and Banking Developments
On July 10, 2026, the Company submitted a representation to SEBI seeking operational relief. On July 16, 2026, SEBI informed the Company that a clarification had been issued to concerned banks. The Company has received communication from Kotak Mahindra Bank regarding removal of lien or restriction from the Company's account maintained with them. The Company is following up with other banks regarding implementation of SEBI's clarification. The Company has not yet received a copy of the clarification directly from SEBI.
Company Statements and Priorities
The Company expressed appreciation for SEBI's prompt consideration of operational difficulties. Immediate priorities include:
- Normalizing banking and business operations
- Restoring vendor and customer relationships
- Supporting employees
- Strengthening governance and compliance functions
- Progressing financial reporting obligations for FY 2025-26
- Pursuing business opportunities in measured manner
The Company also intends to undertake fresh hiring and evaluate new business initiatives as operations normalize.
Other Legal Matters
The Company's other legal and indirect tax matters, including ongoing GST proceedings, are being handled with professional advisers and legal counsel. The Company has participated in applicable proceedings by filing detailed responses and attending hearings.
Forward-looking Statements
The press release contains forward-looking statements about operational priorities, recovery plans, and business initiatives, subject to regulatory developments, bank implementation, resource availability, and business conditions.
Disclaimer
The Company emphasizes that SEBI proceedings remain pending, observations in the Interim Order are prima facie, and no final findings have been made. The press release does not constitute assurance of future performance or representation that the Interim Order has been withdrawn or modified.