Elitecon International Ltd

Governance and leadership updates

• Board approved eight appointments, effective Aug 14, 2026, including three Independent Directors and MD appointment.
• Appointed Pradeep Kumar as Managing Director for five years, subject to member approval.
• Three Non-Executive Independent Directors include a Woman Independent Director.
• Appointed Ms. Prachi Gupta as Additional Director; Nisha and Suraj Singh as Independent Directors.
• Paramjeet Singh Gulati named Additional Director — Executive Director.
• Purva Jhanwar appointed Company Secretary and Compliance Officer; Kusha Charan Swain as CFO.
• Secretarial Auditor Neeraj Bajaj & Associates appointed to fill casual vacancy.
• Appointments align with July 2026 intent to strengthen board and management.

Cessation events

• Upadhyay, Additional Director, Elitecon Intl Ltd, ceased 29 Jul 2026; term expiry per Reg 17(1C); leaves board.
• Upadhyay ceased as Whole-time Director and Director of Centuple Global Limited; effective 26 May 2026; role ended.

Secretarial Auditor resignation

• Subject: Resignation/cessation of Secretarial Auditor for Elitecon, effective August 11, 2026.
• M/s. G Aakash & Associates informed they cannot render services from August 11, 2026.
• Engagement as Secretarial Auditor is discontinued with effect from August 11, 2026.
• Reason cited: no further or detailed reason provided in the communication.
• Annexure A confirms auditor name, cessation date, and absence of replacement details.

Cessation of Additional Director

• Kumar Anubhav Upadhyay served as an Additional Director.
• Cessation type and date: ceased as Additional Director effective July 29, 2026.
• Reason: non-receipt of shareholders' approval within the period prescribed under Regulation 17(1C).
• Tenure: appointed April 29, 2026; ceased July 29, 2026, term ~3 months.
• Impact: vacancy arising in Additional Director position; no interim replacement specified.
• Other listed entity: CENTUPLE GLOBAL LIMITED — Whole-time Director.

Executive appointments

• Vipin Sharma and Pradeep Kumar appointed as Executive Additional Directors, effective July 22, 2026, subject to shareholder approval.

Governance and leadership strategy

• Board to further strengthen leadership with key managerial personnel and independent directors.

Operational revival context

• Banking operations resume as revival gains pace; governance renewal supports second-half revival agenda.

Executive backgrounds

• Vipin Sharma returns as former MD; led Nashik manufacturing and international expansion.

New director background

• Pradeep Kumar joins board from Golden Cryo; 23+ years in construction and infrastructure.

Banking restoration and regulatory developments

• SEBI clarified to banks, enabling removal of lien on the Kotak Mahindra Bank account.
• Banking restrictions during the quarter ended June 30, 2026 materially affected operations.
• Company filed preliminary response with SEBI on June 25, 2026.
• On July 10, 2026, the Company submitted a representation to SEBI seeking operational relief.
• Kotak Bank advised removal of lien; other banks are being guided by SEBI’s clarification.
• Immediate priorities include restoring banking access, regularising payments, and strengthening governance and compliance.
• Progress on FY 2025–26 financial reporting and planned fresh hiring as operations normalise.
• SEBI proceedings remain pending; company will keep exchanges informed of material developments.

Expansion roadmap

• Elitecon announced a phased FMCG expansion roadmap targeting Rs. 20,000 crore revenue by FY30.
• The plan includes packaged foods, snacks, edible oils, and household essentials.

Financial and operational targets

• Indicative capital outlay for the FMCG expansion is Rs. 700 crore.
• The company targets 5,000 distribution partners, 5,00,000+ retail outlets, and 15+ international markets.
• It aims to build 10 consumer brands and 150+ SKUs.

Existing order book

• Elitecon reported a USD 119 million-plus contracted tobacco order book across Africa and the Middle East.
• This includes a two-year South Africa export agreement worth about INR 2.02 billion.
• It also includes a USD 97.35 million Middle East order under execution.

Operations and capacity

• The FMCG rollout will use the company’s 40,000+ sq. ft. Nashik manufacturing facility.
• Planned upgrades include automation, quality laboratory expansion, and calibrated capacity additions.

Execution framework

• Management said FMCG launches will proceed only after documented readiness across manufacturing, sourcing, packaging, inventory, pricing, and distribution.

Governance and impact

• No promoter or group company interest was disclosed.
• The contract is expected to improve export visibility and business stability.