Mumbai (Maharashtra) [India], February 21: Elitecon International Limited has announced that its Board of Directors will convene on February 27, 2026, to deliberate on key corporate developments, including a senior management update and a strategic transaction review. The company formally notified the exchanges, including BSE Limited and The Calcutta Stock Exchange Ltd., in compliance with applicable provisions of Securities and Exchange Board of India (SEBI) Listing Regulations.
Among the matters on the agenda, the Board will take on record the resignation submitted by Executive Director Dayanand Ray. The company stated that the resignation will be formally reviewed and noted during the meeting as part of standard governance procedures. No additional details regarding the reason for the resignation were disclosed in the filing.
The Board will also evaluate a proposal concerning the potential reversal or settlement of the company's planned acquisition of Sunbridge Agro Private Limited. Elitecon had entered into Share Purchase Agreements in September 2025 with the objective of acquiring a controlling stake in the agribusiness firm as part of its strategic expansion plans. The transaction was intended to be partially funded through proceeds from a Qualified Institutional Placement (QIP). However, the company was unable to successfully complete the QIP and therefore did not receive the anticipated funds, resulting in its inability to meet payment obligations within the agreed timelines.
In light of these developments, the Board will assess available options, including discussions with relevant parties and adherence to statutory and regulatory requirements, before determining the appropriate course of action. The company stated that this disclosure is being issued for information and record purposes in line with regulatory obligations.
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