With reference to captioned subject, the Company clarifies that the delay in submitting the disclosure dated April 10, 2026 was unintentional and occurred during the process of verification ....
ELITECON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Elitecon International received a show cause notice from the Directorate General of GST Intelligence (DGGI), Lucknow Zonal Unit, on April 7, 2026, regarding alleged GST violations at its Firozabad unit (M/s EIL Firozabad). The notice, issued under Section 74 of the CGST Act and related provisions, raises observations on valuation of goods, input tax credit claims, classification of goods, return filing, and refund claims on exports. The proposed demand includes approximately ₹221.89 crore in tax, ₹129.18 crore in interest and penalty, and ₹91.22 crore in refund recovery — totaling roughly ₹442 crore. The matter is at a preliminary stage and no final liability has been confirmed. Separately, the company apologized for a one-day delay in filing the original disclosure (dated April 10, 2026), stating the delay occurred during fact verification and legal evaluation.
This is a significant negative event for shareholders. A potential demand of around ₹442 crore is a very large figure for a small-cap listed company and could materially impact its financial position and stock price once markets react. However, the matter is only at a show cause stage, and the company intends to respond and defend its position, so the actual outcome remains uncertain.