Elitecon International Limited has formally notified stock exchanges about the resignation of Mr. Susanta Kumar Panda from his position as Non-Executive Independent Director, effective April 02, 2026. The company submitted the intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details and Regulatory Context

Mr. Susanta Kumar Panda (DIN: 07917003) tendered his resignation through a letter dated April 02, 2026, which became effective from the closing hours of the same date. In his resignation letter, Mr. Panda cited specific reasons for his departure, stating concerns about ongoing regulatory proceedings by SEBI involving the company, its Managing Director, and certain individuals.

SEBI Interim Order Impact

The resignation letter specifically referenced an interim order issued by the Securities and Exchange Board of India dated March 30, 2026, which allegedly involved violations by the noticees. Mr. Panda expressed that his decision was influenced by these ongoing regulatory proceedings that involved the company, its Managing Director, and certain individuals.

Other Directorships and Committee Positions

Mr. Panda held significant positions across multiple listed entities, serving as Non-Executive Independent Director in several companies. His extensive involvement in board committees across these organizations demonstrates his active role in corporate governance.

Regulatory Compliance and Next Steps

The company has confirmed that the resignation will be formally recorded at the upcoming Board of Directors meeting. Mr. Panda requested the company to complete all necessary statutory compliances, including intimations to stock exchanges and filings with the Registrar of Companies. The resignation letter included the required confirmation that no other material reasons exist beyond those provided for his departure.

Company Response

The intimation was signed by Mr. Vipin Sharma, Managing Director (DIN: 01739519), and submitted to BSE Limited and The Calcutta Stock Exchange Ltd. The company has provided all required disclosures under Regulation 30 and relevant SEBI circulars, including the complete resignation letter as an annexure to the filing.

Elitecon International Limited has received a penalty from BSE Limited for delayed submission of its quarterly financial results, according to a regulatory disclosure made on March 18, 2026.

Fine Details and Violation

The Bombay Stock Exchange imposed a fine of ₹1,12,100 on the company, which includes basic fine plus GST. The penalty was communicated through an email dated March 17, 2026, and relates to the late submission of unaudited financial results for the quarter and nine months ended December 31, 2025.

Regulatory Compliance Breach

The violation pertains to the company's failure to submit its unaudited financial results within the period prescribed under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to submit their quarterly financial results within specified timelines to ensure transparency and timely disclosure to investors.

Company's Response and Impact Assessment

Elitecon International has acknowledged the fine and committed to making the payment within the timeline prescribed by the stock exchange. The company has assessed that there is no significant impact on its financial, operational, or other activities due to this penalty.

Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, which requires listed companies to inform stock exchanges about material events and developments. The company submitted the disclosure to both BSE Limited and The Calcutta Stock Exchange Ltd., providing complete details of the penalty as required under the regulatory framework.

The disclosure was signed by Vipin Sharma, Managing Director of the company, ensuring compliance with corporate governance requirements for such regulatory communications.