Elitecon International Limited announced progress in restoring its banking operations after the Securities and Exchange Board of India (SEBI) issued a clarification to concerned banks, aiding business continuity. The company, which faced operational constraints due to an interim order restricting debits from its bank accounts, is now focused on normalising activities and rebuilding stakeholder confidence. This development is critical for the company to meet its obligations towards employees, vendors, and customers while regulatory proceedings continue.

On March 30, 2026, SEBI passed an ex parte Interim Order against the company, its promoter, and certain other individuals, restricting debits from bank accounts subject to specific terms. The company stated that the observations in the order are prima facie and that no final determination has been made. Following the order, Elitecon participated in the inspection process and filed a preliminary response on June 25, 2026. To mitigate the impact on its operations during the quarter ended June 30, 2026, the company submitted a representation to SEBI on July 10, 2026, seeking operational relief.

SEBI informed the company on July 16, 2026, that a clarification had been issued to the concerned banks. Subsequently, Elitecon received communication from Kotak Mahindra Bank regarding the removal of the lien or restriction from its account. The company is following up with other banks to implement the clarification and stated it would provide further details upon receiving the official copy from SEBI. The lifting of these restrictions is expected to facilitate the processing of payments and the resumption of ordinary business activities.

The company outlined its immediate priorities, which include restoring normal access to banking channels, regularising business payments, and strengthening its workforce. It is also progressing the financial reporting process for FY 2025–26 and reinforcing its governance and compliance framework. Elitecon indicated that it intends to undertake fresh hiring and evaluate new business initiatives as operations normalise.

Elitecon expressed appreciation for SEBI's prompt consideration of its operational difficulties. The company reiterated its commitment to cooperating fully with the regulatory process while pursuing its lawful rights. It noted that its performance during the quarter should be viewed in the context of the exceptional constraints imposed by the banking restrictions and is not indicative of its long-term operational capabilities. Other legal matters, including ongoing GST proceedings, are being handled separately with professional advisers.

Elitecon International has extended the closure of its trading window for designated persons until 48 hours after the announcement of its audited financial results for the quarter and financial year ended March 31, 2026. The restriction, which aims to prevent insider trading, will remain in effect until June 30, 2026, or until the results are declared, whichever is later. The window originally closed on April 01, 2026, as per the company’s Code of Conduct to regulate, monitor, and report trading by designated persons.

The decision aligns with Regulation 9 (Clause 4 of Schedule B) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The trading window will open only 48 hours after the financial results are announced to the stock exchanges. The company has not yet disclosed the specific dates for the board meetings to review and approve the financial results.

Key Details

The intimation was signed by Kumar Anubhav Upadhyay, Additional Director of Elitecon International Limited. The company will inform the stock exchanges about the board meeting dates for the financial results approval in due course.