Disclosure uPursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations, 2015'), we hereby submit disclosure ....
ELITECON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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SEBI passed an ex-parte interim order on March 30, 2026 against Elitecon International Ltd and its Managing Director Vipin Sharma (among others) for alleged violations including fraudulent securities dealing, delayed/misleading disclosures, and price manipulation. The investigation found the stock price rose 23.68 times (from Rs 11 to Rs 261) between August 2024 and March 2025, then collapsed from Rs 363 to Rs 58 by February 2026. Outstanding shares increased 1,508 times between 2019 and 2025 through preferential allotments and a 1:10 stock split. SEBI found connected entities received regular monthly fund transfers from the company, and the registered office was found sealed/vacant during site visits. GST authorities issued show cause notices totaling Rs 408.65 crore (22 times the company's average annual profit). Promoters allegedly sold shares worth Rs 509.67 crore at peak valuations. The company reportedly issued positive announcements 30 minutes after disclosing adverse GST findings to support the stock price.
This is a severe regulatory action indicating potential fraud and market manipulation. The stock has already fallen 66% from Rs 171 to Rs 58 since November 2025. Shareholders face continued downside risk as SEBI's detailed 82-page order outlines systematic wrongdoing, and the Rs 408.65 crore GST liability could materially impact the company's financial health.