Elitecon International has disclosed that Kumar Anubhav Upadhyay ceased to hold office as an Additional Director with effect from July 29, 2026. The departure is procedural, resulting from the company’s inability to secure shareholder approval for his appointment within the statutory timeline mandated by the Securities and Exchange Board of India (SEBI) Listing Regulations. This regulatory requirement ensures that additional directors appointed between general meetings must be ratified by shareholders at the next general meeting or within three months of their appointment, whichever occurs earlier.

The Board of Directors appointed Mr. Upadhyay as an Additional Director on April 29, 2026, in accordance with Section 161(1) of the Companies Act, 2013. However, the requisite shareholder approval was not obtained within the three-month window or at the subsequent general meeting. Consequently, his tenure automatically terminated upon the expiry of the prescribed period on July 29, 2026. The company notified the stock exchanges pursuant to Regulation 30 read with Para 7 of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Disclosures

The disclosure was made to BSE Limited and The Calcutta Stock Exchange Limited on July 29, 2026. Vipin Sharma, an Additional Director of Elitecon International Limited, signed the intimation letter. The filing includes Annexure A, which details the reason for the change as the non-receipt of shareholders' approval under Regulation 17(1C).

Mr. Upadhyay also submitted a formal letter to the Board acknowledging the cessation of his office. In the letter, he requested the Board to complete all consequential statutory compliances, including the filing of e-Form DIR-12 with the Registrar of Companies. He expressed gratitude for the support extended during his tenure.

Director Profile and Other Holdings

As part of the regulatory disclosure, the company provided details regarding Mr. Upadhyay’s other directorships. While he ceased his role at Elitecon International Limited, he continues to serve as a Whole-time Director at Centuple Global Limited. The disclosure confirms that there are no other material reasons for the cessation beyond the regulatory timeline expiry.

What This Means for Governance

The cessation of an additional director due to missed shareholder approval timelines is a routine corporate governance event rather than a reflection of performance or strategic disagreement. It highlights the strict adherence required to SEBI’s listing obligations, where interim board appointments are temporary until ratified by equity holders. For investors, this change does not alter the company’s operational strategy or financial outlook, as the role was transitional pending shareholder consent. The Board will continue its operations without Mr. Upadhyay, ensuring compliance with the Companies Act and SEBI regulations.

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.