Pursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations, 2015'), we hereby submit disclosure regarding ....
ELITECON · price
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Awaiting price reaction for this filing.
Elitecon International has disclosed receiving a Show Cause Notice from the Directorate General of GST Intelligence (DGGI), Lucknow Zonal Unit, dated March 30, 2026 and received on April 07, 2026, relating to its Firozabad unit (M/s EIL Firozabad). The notice is issued under Section 74 of the CGST Act, 2017 and flags alleged issues around valuation of goods, input tax credit claims, classification of goods, return filing, and IGST refund claims on exports. The proposed demand is approximately ₹221.89 Crore in tax, ₹129.18 Crore in interest and penalty, and recovery of ₹91.22 Crore in refunds, totalling around ₹442 Crore. The matter is at a preliminary stage with no final liability determined yet, and the company has stated it is reviewing the notice and will submit a response within prescribed timelines.
This is a materially negative disclosure — the combined proposed demand of ~₹442 Crore is very large relative to a small-cap BSE-listed entity and could weigh heavily on the stock. However, since the matter is at a preliminary adjudication stage and the company plans to contest it, actual financial impact remains uncertain and contingent on the outcome.