Ashapura Intimates Fashion Limited has informed the Exchange regarding Board meeting held on Jun 04, 2025.
Awaiting price reaction for this filing.
The Board of Ashapura Intimates Fashion Limited, at its meeting on June 4, 2025, approved 10 sets of long-pending historical financial results covering quarters from December 31, 2018 to March 31, 2021. The company has been under Corporate Insolvency Resolution Process (CIRP) since November 2018, with NCLT admitting insolvency on June 28, 2019, and ordering liquidation on October 5, 2020. M/s. Grow House Agro Limited was declared the successful bidder in an e-auction on December 23, 2024, and a sale certificate was issued on March 1, 2025, following which a new Board of Directors was installed. The auditors (N.K. Sarraf & Associates) issued a Disclaimer of Opinion for all results, citing 23+ serious issues including suspected fraudulent transactions, missing records, non-deposit of statutory dues, contravention of Companies Act provisions, and no significant business operations since Q3 FY2018-19. For Q3 FY2018-19 alone, the company reported an exceptional item of ₹38,459.12 lakhs, resulting in a net loss of ₹45,275.51 lakhs, with negative net worth of ₹27,157.40 lakhs as of March 31, 2019.
This filing represents a major catch-up exercise of years-old results following a change in control via the IBC liquidation process. Shareholders should note the auditors' disclaimer of opinion, massive historical losses, and significant doubts about the company's going concern status. The new management (installed by Grow House Agro Limited) will now determine the future direction of this listed entity, but past governance failures, suspected fraud, and regulatory non-compliances remain substantial red flags.