Elitecon International Limited has filed a vacation application in the Delhi High Court seeking to challenge an ex-parte order in a legal dispute with Advik Capital Limited. The company has consistently maintained its position that the documents relied upon by the petitioner are forged and unauthorized.

Legal Proceedings Background

The matter titled M/s. Advik Capital Limited vs. M/s. Elitecon International Limited & Ors. is pending before the Hon'ble High Court of Delhi in OMP (I) (COMM) 505/2025. Advik Capital Limited filed the petition based on certain alleged loan documents and related records. However, Elitecon International has consistently maintained that the alleged loan agreement, personal guarantee, and certain other documents relied upon in the petition are forged and have never been executed or signed by the Managing Director or authorized representatives of the company.

Vacation Application Details

To protect its legal rights and present correct facts before the court, the company filed an application under Section 151 of the Code of Civil Procedure, 1908, seeking vacation of the ex-parte ad-interim order dated December 10, 2025. The vacation application was duly filed on February 10, 2026.

Court Hearing Developments

The matter was listed for hearing on February 11, 2026, where the Hon'ble Court took on record the company's application and submissions. Notably, the counsel for the petitioner's main counsel was not present during the hearing. After considering the submissions, the Hon'ble Court issued notice to Advik Capital Limited, directing them to file their reply to the company's application.

Company's Position

Elitecon International reiterates that it is taking all necessary legal steps to safeguard its interests and present factual and complete information before the court. The company continues to conduct its business operations in the ordinary course and remains committed to maintaining transparency and regulatory compliance. The disclosure was made under Regulation 30 of the SEBI Listing Regulations as an update on pending litigation developments.

Elitecon international has received regulatory approval from BSE Limited for reclassifying six promoter shareholders to public category, marking a significant corporate governance development for the company. The approval comes with a cautionary warning regarding disclosure compliance timelines.

BSE Grants Reclassification Approval

BSE Limited issued approval letter no. LIST/COMP/KR/539/2025-26 dated November 06, 2025, permitting the reclassification of six individuals from "Promoter and Promoter Group" category to "Public" category under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approval was granted based on the company's application dated October 30, 2021.

Shareholders Affected by Reclassification

The reclassification covers six individuals who will transition from promoter to public shareholder status:

Notably, all six individuals currently hold zero shares with no percentage shareholding in the company.

Overall Shareholding Structure Remains Unchanged

Despite the reclassification approval, the company's overall shareholding pattern shows no change in promoter and public holding percentages:

The unchanged figures reflect that the reclassified individuals held no shares, resulting in no impact on the company's shareholding distribution.

Compliance Warning Issued

Alongside the approval, BSE issued warning letter no. LIST/COMP/KR/540/2025-26 dated November 06, 2025, highlighting a compliance violation. The company submitted its reclassification application on October 30, 2021, but made the required disclosure only on November 09, 2021. This delay violated Regulation 31A(8)(c) of SEBI (LODR) Regulations, which mandates disclosure within 24 hours of submitting such applications.

BSE emphasized the seriousness of this non-compliance and advised the company to exercise due caution to prevent future lapses. The exchange warned that any future aberrations would be viewed seriously with appropriate action initiated. The company is required to disseminate the warning letter to all stock exchanges where it is listed and present it to the Board of Directors along with corrective measures.

Regulatory Framework and Next Steps

The reclassification approval falls under Regulation 31A of SEBI (LODR) Regulations, 2015, which governs the reclassification of promoter shareholders to public category. The company has been directed to forward the approval letter to depositories and its Registrar and Transfer Agent (RTA) for necessary action. Managing Director Vipin Sharma (DIN: 01739519) signed the disclosure documents on behalf of the company.