Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company hereby informs that certain proceedings are pending before the Hon'ble ....
ELITECON · price
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Elitecon International has informed the stock exchanges that a contempt petition (CP 4 of 2025) filed by the DGGI Agra Regional Unit is pending before the Bombay High Court against Mr. Vipin Sharma, Managing Director, alleging non-compliance with a July 2024 court order. The original proceedings relate to multiple GST intelligence (DGGI) investigations across different regional units, which the company sought to consolidate under the Nashik Regional Unit. The Bombay High Court had previously disposed of the company's writ petition in July 2024 and partly allowed a review petition in February 2025, with no adverse findings recorded against the director. The company states that the contempt allegations are disputed and being contested, the matter is sub judice, and there is no material financial or operational impact at present.
For shareholders, this is a pending legal matter with no confirmed financial or operational impact as per the company, but the contempt proceedings against the Managing Director introduce some near-term uncertainty. Investors should monitor the Bombay High Court's next hearing and any further show cause notices from DGGI, as adverse outcomes could affect management attention and potentially future liabilities.