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.

Elitecon International Limited has successfully completed its postal ballot process, announcing the passage of three special resolutions with overwhelming shareholder support. The remote e-voting process, conducted from December 29, 2025 to January 27, 2026, concluded with all proposed resolutions receiving requisite majority approval from shareholders.

Postal Ballot Process Overview

The postal ballot was initiated through a notice dated December 27, 2025, with voting commencing on December 29, 2025 at 09:00 AM and concluding on January 27, 2026 at 5:00 PM. The company had 65,588 total shareholders on the record date of December 22, 2025, eligible to participate in the voting process.

Resolution Results and Shareholder Participation

All three special resolutions were approved with substantial shareholder support. The voting results demonstrated strong confidence from both promoter groups and public shareholders in the company's strategic initiatives.

Resolution 1: Investment and Lending Authorization

The first resolution authorized the company to make investments, give loans, guarantees and security exceeding limits specified under Section 186 of the Companies Act, 2013.

Resolution 2: Independent Director Appointment

The second resolution regularized the appointment of Ms. Anjali Damboria (DIN: 11061917) as an Independent Director in the Non-Executive Independent Director category.

Resolution 3: Enhanced Borrowing Powers

The third resolution increased the company's borrowing powers under Section 180(1)(c) of the Companies Act, 2013 up to INR 500 crores.

Scrutinizer Report and Compliance

Aakash Goel, proprietor of G Aakash & Associates, Company Secretaries, served as the appointed scrutinizer for the postal ballot process. The scrutinizer's report confirmed that all special resolutions were passed with requisite majority, ensuring compliance with Section 108 and 109 of the Companies Act 2013 and relevant rules.

The votes were unlocked on January 28, 2026 at 12:43 PM in the presence of two independent witnesses, Ms. Chhavi Agrawal and Ms. Sakshi Goel. The voting results and scrutinizer report have been uploaded on the company's website and Bigshare Services Private Limited's platform, which provided the remote e-voting facility.

Regulatory Compliance and Disclosure

The company submitted the voting results under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Managing Director Vipin Sharma (DIN: 01739519) signed the submission documents on January 29, 2026, ensuring timely compliance with regulatory requirements. The results have been communicated to BSE Limited and The Calcutta Stock Exchange Ltd., where the company's shares are listed under scrip code 539533.