Elitecon International has provided detailed disclosure regarding the Food and Drug Administration inspection at its manufacturing facility in Nashik, Maharashtra. The inspection, conducted on January 08, 2026, resulted in seizure of inventories and equipment, with the company formally disclosing the matter on March 02, 2026.

Inspection and Seizure Details

FDA officials from Nashik, Maharashtra conducted the inspection at the company's manufacturing facility located at GAT Number 353/2 Mauje Talegaon, Dindori Nashik Maharashtra. The inspection was carried out pursuant to a Government of Maharashtra notification dated July 20, 2025, issued under the Food Safety and Standards Act, 2006.

Regulatory Compliance and Allegations

The alleged contravention relates to the manufacture and storage of products covered under the Government of Maharashtra notification for tobacco products. During the inspection, certain inventories of tobacco products along with related packing and sealing machines were seized by the authorities. The matter is currently under review before the appropriate authorities.

Delayed Disclosure Explanation

Elitecon International disclosed the inspection details on March 02, 2026, nearly two months after the incident. The company clarified that the delay in disclosure was unintentional and occurred during the process of verification of facts and legal evaluation of the matter. The company expressed sincere regret for the delay and committed to ensuring timely and appropriate disclosures in the future.

Business Impact Assessment

The company has stated that its other business operations continue in the normal course with no material impact on overall operations or going concern status. However, the financial, operational, or other impact of this regulatory matter cannot be ascertained or quantified in monetary terms at this time.

Corporate Governance Commitment

Elitecon International reaffirmed its commitment to comply with all applicable laws, rules, regulations, circulars, and guidelines. The company emphasized that all its actions are carried out in good faith, with transparency, and in accordance with established corporate governance standards. The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Minerva Ventures Fund, a Mauritius-based investment entity, has filed a disclosure under Regulation 29 of SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011, announcing its acquisition of a significant stake in elitecon international Limited. The disclosure reveals the fund's strategic entry into the Indian company through a substantial shareholding acquisition.

Acquisition Details

The transaction involved Minerva Ventures Fund acquiring 137088605 shares in Elitecon International Limited, representing 8.5761% of the company's total share and voting capital. The acquisition was executed through a combination of warrants issue and open market purchases, demonstrating a multi-channel approach to building the stake.

Pre and Post-Acquisition Holdings

Prior to this transaction, Minerva Ventures Fund held no shares in Elitecon International Limited. The disclosure confirms that the fund had nil holdings across all categories including shares carrying voting rights, encumbered shares, voting rights otherwise than by shares, and convertible instruments.

Following the acquisition, the fund's total holding stands at 137088605 shares, representing 8.5761% of both the total share capital and diluted share capital of the target company.

Company Structure and Compliance

Minerva Ventures Fund, headquartered at 11th Floor, Bramer House, Hotel Avenue, Ebene, Mauritius, has clarified that it does not belong to the promoter or promoter group of Elitecon International Limited. This classification positions the fund as a financial investor rather than a strategic or promoter entity.

Elitecon International Limited maintains its listing on the Bombay Stock Exchange (BSE), with the company's equity share capital and total voting capital remaining at 137088605 and 1598500000 respectively, both before and after the acquisition. The total diluted share capital also stands at the same figures post-acquisition.

Regulatory Framework

The disclosure was made in accordance with SEBI's SAST Regulations, which mandate reporting of substantial acquisitions exceeding specified thresholds. The filing includes comprehensive details of the transaction structure, shareholding patterns, and acquisition methodology, ensuring transparency in the capital market operations.

The document was executed in Mauritius on February 27, 2026, bearing the common seal of Minerva Ventures Fund and authorized signatures, completing the regulatory compliance requirements for the substantial acquisition disclosure.