Ashapura Intimates Fashion Limited has informed the Exchange regarding Board meeting held on September 26, 2025.Board of Directors of the Company is scheduled to be held on Friday September 26, 2025 to consider and approve financial results as follows:1) Unaudited standalone financial results for the quarter ended June 30, 20232) Unaudited standalone financial results for the quarter ended September 30, 20233) Unaudited Standalone financial results for the quarter ended December 31, 20234) Audited standalone financial results for the quarter and year ended March 31, 20245) Unaudited standalone financial results for the quarter ended June 30, 20246) Unaudited standalone financial results for the quarter ended September 30, 20247) Unaudited Standalone financial results for the quarter ended December 31, 20248) Audited standalone financial results for the quarter and year ended March 31, 2025
Awaiting price reaction for this filing.
The Board, under new directors nominated by successful auction bidder Grow House Agro Limited, approved eight quarters of back-filled standalone financial results covering FY24 and FY25. The company has been under Corporate Insolvency Resolution Process (CIRP) since June 2019, was ordered into liquidation in October 2020, and was sold as a going-concern via e-auction in December 2024 to Grow House Agro Limited, with a sale certificate issued in March 2025. The statutory auditor issued a Disclaimer of Opinion for every quarter, citing inability to verify opening balances, suspected fraudulent transactions dating back to FY18, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), missing fixed asset registers, inventory records, and bank statements. Q1 FY24 (June 2023) showed zero revenue from operations, total income of just Rs. 0.59 lakh against expenses of Rs. 142.34 lakh, resulting in a net loss of Rs. 141.75 lakh. The auditor flagged a significant doubt on the company's ability to continue as a going concern.
This is a high-risk, distressed situation: the company has had no real operations since FY19, carries an audit disclaimer (not a clean or even qualified opinion), has unresolved suspected fraud and statutory non-compliance, and only exists as a listed shell post-liquidation sale. Existing shareholders face extreme uncertainty — any revival depends entirely on what the new acquirer (Grow House Agro) plans to do with the listed entity.