Elitecon International Limited has received its quarterly compliance certificate under SEBI regulations for the quarter and financial year ended March 31, 2026. The certificate confirms the company's adherence to regulatory requirements regarding dematerialisation processes during the specified period.

Regulatory Compliance Certificate Details

The compliance certificate was issued by Bigshare Services Private Limited, which serves as the registrar and share transfer agent for Elitecon International Limited. The certificate pertains to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.

Certificate Confirmation

According to the certificate issued by Bigshare Services Private Limited, no dematerialisation requests for equity shares of Elitecon International Limited were received during the period from March 1, 2026 to March 31, 2026. The certificate was signed by Akash Shamal, Authorised Signatory of Bigshare Services Private Limited.

Regulatory Submission

Elitecon International Limited has submitted this compliance certificate to the relevant stock exchanges as part of its regulatory obligations. The submission was made to BSE Limited and The Calcutta Stock Exchange Limited on April 10, 2026, signed by Vipin Sharma, Managing Director of the company.

This compliance certificate represents part of the ongoing regulatory requirements that listed companies must fulfill to maintain their status on Indian stock exchanges.

Elitecon International Limited has received a significant show cause notice from GST authorities proposing demands totaling approximately ₹442.29 crore. The company disclosed this development on April 10, 2026, and subsequently issued a clarification on April 11, 2026, regarding the delay in disclosure under SEBI listing regulations.

Notice Details and Authority

The Directorate General of GST Intelligence (DGGI) Lucknow Zonal Unit served the show cause notice dated March 30, 2026, which was received by the company on April 07, 2026. The notice has been issued under multiple provisions of GST legislation including Section 74 of the CGST Act, 2017, Section 74 of the UP GST Act, 2017, Section 20 of the IGST Act, 2017, and Section 11 of the Goods and Services Tax (Compensation to States) Act, 2017.

Financial Impact and Proposed Demands

The show cause notice proposes substantial financial demands across multiple categories:

Alleged Violations and Compliance Issues

The GST authorities have made several observations regarding compliance under various GST provisions. The notice addresses multiple areas of concern including valuation matters under Section 15 relating to proper valuation of goods, input tax credit issues under Section 16 read with Rule 36 concerning eligibility and availment, and invoice compliance under Section 31 regarding classification and description of goods.

Additionally, the notice covers record maintenance under Section 35 read with Rule 56 for books of accounts and records, return filing compliance under Section 37 read with Rule 59 and Section 39 read with Rule 61, including reconciliation and utilization aspects of input tax credit. References have also been made to refund claims of IGST on export transactions under Section 54 read with Rule 89.

Disclosure Delay Clarification

On April 11, 2026, the company issued a separate communication to stock exchanges clarifying the reason for delay in disclosing the material event. The company stated that the delay in submitting the disclosure dated April 10, 2026 was unintentional and occurred during the process of verification of facts and legal evaluation of the matter. The company expressed sincere regret for the delay and assured timely and appropriate disclosures in the future.

Company's Response and Current Status

Elitecon International emphasized that the matter is currently at a preliminary stage with no final liability determined. The financial impact remains contingent upon the outcome of adjudication proceedings. The company has been called upon to explain why the proposed demands should not be confirmed, indicating this is part of the standard GST adjudication process where taxpayers can present their case before any final determination.

The company reaffirmed its commitment to comply with all applicable laws, rules, regulations, circulars and guidelines, ensuring that all actions are carried out in good faith, with transparency, and in accordance with established corporate governance standards.