Elitecon International Limited has disclosed ongoing legal proceedings before the Bombay High Court in connection with investigations initiated by the Directorate General of GST Intelligence (DGGI). The BSE-listed company made this disclosure under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements on February 14, 2026.

Background of Legal Proceedings

The company had earlier sought consolidation and transfer of multiple investigations initiated by different DGGI formations to a single jurisdiction, specifically the Nashik Regional Unit. This request was made on administrative and jurisdictional grounds, particularly considering that the company's Agra unit had ceased operations since September 2022.

Court Orders and Subsequent Developments

The Bombay High Court disposed of the writ petition on July 22, 2024, while recording an undertaking that Mr. Vipin Sharma, Director of the company, would cooperate with the investigating authority when summoned. Importantly, the court recorded no finding of non-cooperation against either Mr. Vipin Sharma or the company.

A Review Petition No. 18 of 2025 was subsequently filed seeking clarification and modification of certain aspects of the original order. This petition was heard on February 20, 2025, and was partly allowed, with no adverse findings recorded against Mr. Vipin Sharma.

Contempt Petition Filed

The DGGI Agra Regional Unit filed Contempt Petition No. CP 4 of 2025 before the Bombay High Court, alleging non-compliance with the order dated July 22, 2024. The petition was served via email on August 14, 2025, and subsequently served at Mr. Vipin Sharma's residential address on August 20, 2025.

Company's Position and Current Status

The company has clarified that the allegations made in the contempt petition are disputed and are being contested by Mr. Vipin Sharma in accordance with law. The proceedings remain sub judice with no final determination by the court. The company and its management have reiterated their commitment to full cooperation with lawful authorities in accordance with applicable legal provisions.

Regarding DGGI investigations, the company noted that while certain proceedings have been initiated by DGGI Nagpur through a Show Cause Notice, no Show Cause Notice has been issued by DGGI Agra after completion of information gathering and submission of all required documents.

Financial Impact Assessment

Based on the company's current assessment, there is no material financial or operational impact on Elitecon International Limited arising from these legal proceedings. The company continues to extend full cooperation to the authorities and maintains that it will continue to do so throughout the process.

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.