•SEBI issued an interim order against Elitecon International Limited promoters for alleged misleading disclosures, artificial price inflation, and coordinated exits.
•Promoters, including Vipin Sharma, allegedly offloaded shares into a rising market supported by selective disclosures and positive messaging.
•Elitecon's sharp price rise was driven by an illiquid, seller-controlled market, with promoters and related entities selling shares worth Rs 50 crore.
•SEBI and DGGI found Elitecon's 'state-of-the-art' Nashik facility largely non-operational, with no evidence of active manufacturing or proper records.
•Concerns were raised over disproportionate revenue growth compared to declining electricity consumption, and delayed disclosure of regulatory actions like FDA inspection.
