Elitecon International: Banking operations restored, recovery roadmap outlined
Elitecon International Limited has announced progress in restoring its banking operations following a SEBI interim order on March 30, 2026, which restricted debits from its accounts. The company disputed the allegations and filed a preliminary response. A representation on July 10, 2026, led to SEBI issuing a clarification to the concerned banks on July 16, 2026. Kotak Mahindra Bank has confirmed the removal of restrictions. Elitecon is awaiting direct confirmation from SEBI to fully implement the clarification and normalize operations. The company expressed gratitude to SEBI for addressing operational difficulties, which is a crucial step towards rebuilding stakeholder confidence and resuming normal business activities while regulatory proceedings continue.
Key Highlights
- Banking operations are progressing towards restoration after SEBI's interim order.
- SEBI issued a clarification to banks on July 16, 2026, aiding business continuity.
- Kotak Mahindra Bank has removed restrictions; follow-up with other banks is ongoing.
- Company is cooperating with SEBI proceedings and aims to rebuild stakeholder confidence.
Price Impact
More from ELITECON