elitecon international appointed Mr. Vipin Sharma and Mr. Pradeep Kumar as Additional Directors on July 22, 2026, to restore the requisite strength and quorum of the Board following the cessation of Independent Directors. The appointments were approved by Mr. Kumar Anubhav Upadhyay, the sole continuing Director, during a meeting convened under Section 174(2) of the Companies Act, 2013.

The meeting was limited to the purpose of appointing directors to address the shortfall in the Board's composition. Mr. Vipin Sharma (DIN: 01739519) and Mr. Pradeep Kumar (DIN: 00209355) were appointed pursuant to Section 161(1) read with Section 174(2) of the Companies Act, 2013. Both appointees will hold office up to the date of the next Annual General Meeting or the last date on which the meeting should have been held, whichever is earlier.

Shareholder Approval and Disclosures

The company will seek shareholder approval for these appointments at the next general meeting or within three months from the respective dates of appointment, in accordance with Regulation 17(1C) of the SEBI LODR Regulations. No other business was transacted at the meeting, which commenced at 5:45 P.M. and concluded at 6:15 P.M.

Mr. Vipin Sharma is a second-generation entrepreneur with over three decades of experience across pharmaceuticals, perfumery, FMCG, and tobacco. He previously served as Managing Director of Elitecon International Limited and holds 16,00,00,000 equity shares, representing approximately 10.01% of the paid-up equity share capital. He is a noticee under a SEBI Ex-Parte Interim Order dated March 30, 2026, though the order does not expressly restrain him from holding office as a director.

Mr. Pradeep Kumar brings over 28 years of professional experience, including 23 years in the construction and infrastructure sector. He holds a B. Tech in Production Engineering from Marathwada University and has held leadership roles in infrastructure, engineering, cryogenic solutions, and FMCG/tobacco. He does not hold any equity shares in the company.

Director Details

Elitecon International Limited disclosed the resignation of two independent directors, Dr. Venkata Ramesh Penumaka and Mr. Edward Michael Bourgoin, in April 2026, citing concerns regarding corporate governance and the availability of information concerning the company's affairs. The resignations, effective April 7 and April 27 respectively, were communicated to the stock exchanges on July 22, 2026, following a delay attributed to a transition in the company's senior management and compliance function.

The company stated that the omission was identified during a recent review and reconciliation of statutory and compliance records. Elitecon International Limited expressed regret over the delay and affirmed that appropriate corrective measures are being implemented to prevent recurrence.

Dr. Venkata Ramesh Penumaka resigned from the position of Non-Executive Independent Director and all committee positions held by him, effective April 7, 2026. In his resignation letter dated April 7, 2026, he cited concerns relating to corporate governance and recent regulatory developments concerning the company. He confirmed that there were no other material reasons for his resignation. Dr. Penumaka holds the position of Chairman and Independent Director at MIC Electronics Limited.

Mr. Edward Michael Bourgoin resigned from the position of Non-Executive Independent Director and all committee positions, effective April 27, 2026. His resignation letter dated April 27, 2026, cited concerns regarding the availability of information concerning the affairs of the company and certain governance-related developments. The company noted that the requisite confirmation regarding the absence of any other material reasons was not separately provided by Mr. Bourgoin.

The particulars of the resignations were submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.