elitecon international appointed Vipin Sharma and Pradeep Kumar as Executive Additional Directors on July 22, 2026, marking a strategic shift in its leadership structure to drive operational revival. The appointments were approved by Kumar Anubhav Upadhyay, the sole continuing Director, during a Board meeting convened under Section 174(2) of the Companies Act, 2013, to restore requisite quorum following the cessation of Independent Directors. This leadership renewal coincides with the resumption of banking operations, positioning the company to advance its recovery agenda in the second half of the financial year.

The Board designated both appointees as Executive Directors, signaling their active role in management rather than a non-executive capacity. Vipin Sharma (DIN: 01739519) and Pradeep Kumar (DIN: 00209355) will hold office until the next Annual General Meeting or the last date it should have been held, whichever is earlier. The company is required to seek shareholder approval for these appointments at the next general meeting or within three months from the date of appointment, in accordance with Regulation 17(1C) of the SEBI LODR Regulations.

Leadership Return and Operational Focus

Vipin Sharma’s return represents a significant development for the company’s turnaround efforts. A promoter and second-generation entrepreneur with over three decades of experience across pharmaceuticals, perfumery, FMCG, and tobacco, Sharma previously served as Managing Director until April 2026. He had stepped back from executive office with the intention of retiring from active corporate life but returned to lead the operational revival. Sharma holds 16,00,00,000 equity shares, representing approximately 10.01% of the paid-up equity share capital. Notably, 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.

Pradeep Kumar joins the Board from within the company’s group, serving as a Director of Golden Cryo Private Limited, a subsidiary. He brings over 28 years of professional experience, including 23 years in construction and infrastructure and five years in tobacco industry operations. Kumar holds a B. Tech in Production Engineering from Marathwada University and does not hold any equity shares in Elitecon International Limited.

Director Details

Strategic Outlook

The Board intends to further strengthen the company’s leadership by inducting experienced key managerial personnel and independent directors in the coming period. Vipin Sharma stated that his primary purpose for returning is to lead the revival with "vigour, purpose and discipline," assuring stakeholders that the company will repay their confidence through work. The meeting, which commenced at 5:45 P.M. and concluded at 6:15 P.M., transacted no other business beyond these critical appointments.

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.