SEBI Appoints BDO India as Forensic Auditor for Elitecon

elitecon international has disclosed that the Securities and Exchange Board of India (SEBI) has appointed a forensic auditor to review the company's books of accounts. This appointment follows a communication received from SEBI on May 12, 2026, and an Interim Order dated March 30, 2026.

M/s BDO India Services Private Limited has been tasked with conducting the forensic audit. The audit will cover the financial years 2022-23, 2023-24, 2024-25, and 2025-26. The primary objective of the audit is to assist the Investigating Authority appointed by SEBI in the ongoing matter concerning the company.

Particulars of the Appointment

The company provided specific details regarding the audit initiation and the reasons behind it in its regulatory filing.

Particular	Details
Name of entity initiating the Forensic Audit	SEBI
Reason for the audit	Pursuant to the SEBI Interim Order dated March 30, 2026 and SEBI communication dated May 12, 2026, M/s BDO India Services Private Limited has been appointed as forensic auditor to conduct forensic audit of the books of accounts of the Company for FY 2022-23, FY 2023-24, FY 2024-25 and FY 2025-26 and to assist SEBI / the Investigating Authority in the ongoing matter.

Company Statement

Elitecon International Limited clarified that the disclosure is being made in compliance with the exchange's email and applicable disclosure requirements. The company explicitly stated that this announcement should not be construed as an admission of any violation, default, liability, or adverse finding against it.

The company noted that the matter is currently pending before SEBI. Any observations made are subject to the inspection of records, the company's response, a hearing, and final determination in accordance with the law. Elitecon International Limited affirmed that it is extending necessary cooperation in the matter while reserving all its rights, remedies, and contentions.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.30%	+8.45%	-20.43%	-31.60%	-31.60%	-31.60%

Elitecon International Limited announced significant board changes on April 29, 2026, with the appointment of a new Executive Additional Director and the resignation of its Managing Director. The board meeting, conducted from 08:40 P.M. to 09:10 P.M., approved these leadership transitions in compliance with SEBI regulations.

Board Appointments and Resignations

The company's board of directors approved two major personnel changes during their meeting on Wednesday, April 29, 2026:

Position:	Name	DIN	Action	Effective Date
Executive Additional Director	Kumar Anubhav Upadhyay	09519842	Appointment	April 29, 2026
Managing Director	Vipin Sharma	01739519	Resignation	April 29, 2026

Both changes were implemented with immediate effect from the date of the board meeting, marking a significant transition in the company's leadership structure.

New Director Profile and Experience

Kumar Anubhav Upadhyay brings substantial professional experience to his new role as Executive Additional Director. His background includes:

Total Experience: Over 25 years of professional experience
Information Technology: 17 years of expertise in the IT sector
Construction & Infrastructure: 5 years in the construction and infrastructure sector across the NCR region
Leadership Style: Results-oriented approach with proven track record of driving growth and operational efficiency
Cross-Industry Expertise: Ability to navigate complex business environments effectively

Regulatory Compliance and Shareholding Details

The board changes comply with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Director Details:	Kumar Anubhav Upadhyay	Vipin Sharma
Relationship with other directors:	Not related to any director	-
SEBI debarment status:	Not debarred from holding director position	Was not debarred from holding director position
Shares held in company:	NIL	NIL

Corporate Governance Impact

The simultaneous appointment and resignation represent a strategic leadership transition for Elitecon International Limited. Kumar Anubhav Upadhyay's diverse experience across technology and infrastructure sectors positions him to contribute to the company's operational efficiency and growth initiatives. The company has ensured full regulatory compliance by providing detailed disclosures as required under SEBI guidelines, maintaining transparency in its corporate governance practices.