Annual Secretarial Compliance Report for the Financial Year ended on 31.03.2026
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Limited has submitted its Annual Secretarial Compliance Report for the year ended March 31, 2026. The company was under Corporate Insolvency Resolution Process (CIRP) and liquidation since October 2020 under NCLT, Mumbai. However, NCLT passed an order on June 3, 2025 reviving the company as a going concern to the Successful Bidder. The new board has been appointed and has started complying with SEBI regulations. Several compliance deviations were noted including: no qualified Company Secretary as Compliance Officer during the year (now appointed), website not updated, no General Meeting convened, late filing of Q3 FY26 financial results by 2 days, and no promoter disclosures. Importantly, NCLT waived off all pending penalties, dues and non-compliances. The tribunal also cancelled all existing promoter/public shareholding and ordered allotment of 95 lakh shares to the Successful Bidder and 5 lakh shares to the public.
The company is in early recovery phase after insolvency resolution. While NCLT has waived past violations, ongoing compliance gaps (website, financial filing delays) and the ongoing revival process indicate elevated risk. Shareholders should monitor the new management's progress in stabilizing operations and meeting listing requirements.