Elitecon International Limited has categorically denied loan allegations made by Advik Capital Limited in a ₹71.15 crore recovery case, calling the claims "false, baseless and unsupported by genuine records." The company disclosed through BSE filing that it believes the documents relied upon by Advik Capital appear to be fabricated and unauthorized.

Court Proceedings and Interim Order

The Delhi High Court passed an interim order on December 10, 2025, in O.M.P.(I)(COMM.) No. 505/2025 titled M/s Advik Capital Limited vs. Elitecon International Limited & Ors. The court's findings were based on Advik Capital's petition under Section 9 of the Arbitration and Conciliation Act, 1996:

Loan Agreement Details and Allegations

According to Advik Capital's petition, a loan agreement dated August 12, 2024, was executed between the parties. The financial breakdown presented to the court includes:

Advik Capital sent a loan recall notice dated September 28, 2025, demanding payment of the full amount including accrued interest. The petitioner also obtained a forensic audit report dated November 10, 2025, claiming to verify signatures on the loan agreement.

Elitecon's Official Response and Denial

In its regulatory disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015, Elitecon International strongly contested the allegations. The company's position includes:

• Complete Denial: Categorically denies the existence of any loan transaction with Advik Capital
• Document Authenticity: Claims documents relied upon by petitioner appear fabricated and created without company's knowledge or consent
• Legal Defense: Possesses complete documentary evidence to be placed before the court
• Business Continuity: Normal business activities and day-to-day operations continue unaffected

Market Context and Additional Factors

The court noted several concerning developments regarding Elitecon International's financial position:

Current Status and Next Steps

The interim order restrains Elitecon International from creating third-party rights in movable and immovable assets except in the ordinary course of business. The company has committed to filing its detailed reply within court-prescribed timelines and taking all appropriate legal steps to contest the allegations.

Elitecon International advised shareholders and market participants to rely solely on disclosures made through recognized stock exchanges and disregard unauthorized or speculative information from other sources. The matter remains pending before the Delhi High Court for final adjudication, with the next hearing scheduled for February 11, 2026.

Advik Capital Limited (ISIN: INE178T01024) has recently made a significant disclosure regarding a visit by Enforcement Directorate (ED) officials to premises associated with the company's promoter. This development has raised questions about potential regulatory scrutiny, although the company maintains that the visit has no direct impact on its operations or financials.

Key Details of the ED Visit

• Visited Locations:
  • Promoter's residence
  • Office of another entity where the promoter holds interest
• Nature of Visit: Related to a decade-old matter involving unrelated third parties
• Company's Stance: No dealings or underlying interests with the involved parties
• Outcome: Visit concluded without adverse outcome
• Impact on Advik Capital: No direct visit or communication to the company

Company's Official Statement

In its official communication to the BSE Limited, dated November 13, 2025, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Advik Capital emphasized the following points:

1. The matter under investigation is approximately a decade old.
2. It involves third parties unrelated to the company or its promoter's interests.
3. The company asserts that the inquiry has no bearing on Advik Capital's business or financial position.
4. The disclosure was made to ensure transparency and prevent speculation.

Implications and Outlook

While the ED visit to the promoter's premises might raise concerns among investors, Advik Capital has been quick to clarify that the company itself has not been directly approached by the authorities. The management's prompt disclosure aims to maintain transparency and mitigate potential market speculation.

Investors and stakeholders should note that regulatory inquiries, even when not directly involving the company, can sometimes impact market sentiment. However, based on the information provided, Advik Capital maintains that its operations and financials remain unaffected by this development.

As the situation evolves, market participants will likely keep a close eye on any further disclosures or developments related to this matter. It remains crucial for investors to consider this information in the context of the company's overall performance and regulatory compliance track record.

Advik Capital's proactive approach in disclosing this information aligns with regulatory requirements and demonstrates a commitment to keeping shareholders informed about potentially material events, even when they are indirectly related to the company's affairs.