Pursuant to Regulation 30 of the LODR Regulations, we wish to inform you that Mr. Susanta Kumar Panda (DIN: 07917003), Non-Executive Independent Director of Elitecon International Limited ....
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Mr. Susanta Kumar Panda has tendered his resignation as Non-Executive Independent Director of Elitecon International Limited, effective from April 02, 2026. The director cited ongoing SEBI regulatory proceedings involving the Company, its Managing Director, and certain individuals, along with an interim order issued by SEBI dated March 30, 2026, alleging certain violations. The director confirmed that there are no other material reasons for his resignation other than those stated. He also holds directorships in several other listed entities including Vishal Fabrics, Nandan Terry, Shanti Educational Initiatives, Zee Media Corporation, Paytm Payments Services, and Tiger Logistics (India).
The resignation of an Independent Director due to ongoing SEBI regulatory proceedings is a negative signal for corporate governance. Shareholders should monitor the outcome of the SEBI investigation and note that the board composition may be affected.