Elitecon International has disclosed to stock exchanges that its manufacturing facility in Nashik, Maharashtra underwent an inspection by Food and Drug Administration officials on January 08, 2026. The inspection was conducted pursuant to a Government of Maharashtra notification dated July 20, 2025, issued under the Food Safety and Standards Act, 2006.

Inspection Details and Seizures

During the regulatory inspection at the facility located at GAT Number 353/2 Mauje Talegaon, Dindori Nashik Maharashtra, FDA officials seized certain inventories and equipment. The seizures included tobacco product inventories along with related packing and sealing machines.

Regulatory Compliance Matter

The inspection was conducted in connection with the Government of Maharashtra notification dated July 20, 2025, which covers tobacco products in the state. The alleged contravention relates to the manufacture and storage of products covered under this notification. The company has indicated that the matter is currently under review before the appropriate authorities.

Business Impact Assessment

Elitecon International has stated that its other business operations continue in the normal course. The company emphasized that there is no material impact on its 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.

Regulatory Disclosure

The company made this disclosure on February 27, 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The communication was received by the company on January 08, 2026, the same date as the inspection, through an employee of the company.

Elitecon International Limited announced significant corporate developments following its board meeting held on February 27, 2026, including the resignation of an executive director and comprehensive updates on a proposed acquisition reversal.

Executive Director Resignation

The board took on record the resignation of Mr. Dayanand Ray from his position as Executive Director, effective February 27, 2026. In his resignation letter, Ray cited personal reasons for his departure and confirmed there were no other material reasons beyond those stated.

Ray expressed gratitude for the support received from fellow board members and colleagues during his tenure, requesting the board to relieve him from his executive duties.

Sunbridge Agro Acquisition Update

The board provided a comprehensive update on the proposed reversal of the acquisition of Sunbridge Agro Private Limited (SAPL). The company had entered into Share Purchase Agreements dated September 04, 2025, as part of its strategic objective to acquire controlling interest in SAPL.

Acquisition Implementation Challenges

The board identified several key issues affecting the transaction's implementation:

31.25% Free-Float Equity Stake:

• Substantial portion funded through company's internal sources
• Shares successfully transferred to the company
• Balance consideration intended to be funded from proposed Qualified Institutional Placement (QIP) proceeds
• QIP could not be concluded successfully, resulting in non-receipt of anticipated proceeds

44.99% Pledge-Float Equity Stake:

• Shares subject to existing pledge in favor of SBICAP Securities Limited
• Pledge release was a pre-condition for SPA implementation
• Pledged shares remain encumbered and continue as security for underlying credit exposure
• This portion of the transaction has not been executed

Board Resolution Approach

Following deliberations, the board took several decisive actions:

The board emphasized that no final binding decision has been made regarding acquisition reversal or cancellation. The matter remains subject to ongoing discussions and execution of definitive documentation.

Meeting Details and Compliance

The board meeting commenced at 06:30 P.M. and concluded at 07:30 P.M. on February 27, 2026. All disclosures were made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015.

The company confirmed that any material developments regarding the acquisition matter will be disclosed to stock exchanges in accordance with applicable regulatory requirements. The announcements were communicated to BSE Limited and The Calcutta Stock Exchange Ltd. as per standard listing compliance procedures.