Elitecon International Ltd — Updates, 04-07-2025: Company Update

Elitecon International Limited has announced a board meeting and approved the appointment of Mr. Sachin Ashok Sabale as Chief Financial Officer. The Board reviewed significant tax-related challenges, including a Show Cause Notice alleging wrongful Input Tax Credit claims amounting to Rs. 387.43 Cr and disputed refund claims totaling Rs. 21.23 Cr. The company has engaged India Law Alliance to handle legal and strategic responses. These tax disputes pose a substantial contingent liability of about Rs. 408.65 Cr, potentially impacting cash flows and operational efficiency. The company is cooperating fully with authorities and actively managing the situation.