Ashapura Intimates Fashion Limited has informed the Exchange regarding Board meeting held on Jun 12, 2025.Pursuant to Regulations 30 & 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Board of Directors of the Company, at its meeting held today i.e. June 12 2025 at the venue: C-806, Titanium City Centre, Nr. Sachin Tower, Satellite, Ahmedabad - 380015 which commenced at 02:00 p.m. and concluded at 04.30 p.m., have inter alia, approved and taken on record the following:1) Unaudited standalone financial results for the quarter ended June 30, 20212) Unaudited standalone financial results for the quarter ended September 30, 20213) Unaudited Standalone financial results for the quarter ended December 31, 20214) Audited standalone financial results for the quarter and year ended March 31, 20225) Unaudited standalone financial results for the quarter ended June 30, 20226) Unaudited standalone financial results for the quarter ended September 30, 20227) Unaudited Standalone financial results for the quarter ended December 31, 20228) Audited standalone financial results for the quarter and year ended March 31, 2023
Awaiting price reaction for this filing.
The Board of Ashapura Intimates Fashion Limited (brand: VALENTINE) approved standalone financial results for 8 quarters covering Q1 FY2021 through Q4 FY2023, filed several years late. The company was admitted to CIRP in June 2019, ordered into liquidation in October 2020, and was sold as a going concern via e-auction in December 2024 to Grow House Agro Limited, which received the sale certificate on March 1, 2025 and nominated a new board including Mr. Nikunj Shah as Managing Director. The results show zero revenue from operations, with the company reporting losses of Rs 162.80 lakh in Q1 FY2021 and Rs 161.81 lakh in Q2 FY2021, and a deeply negative net worth of Rs (29,520) lakh as of September 2021 against borrowings of Rs 19,490 lakh. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion citing inability to verify opening balances, suspected fraudulent transactions, unreconciled receivables/payables, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), and related-party transaction irregularities.
This filing marks the formal completion of change-of-control via the IBC liquidation route — the old business (intimate apparel brand VALENTINE) is effectively defunct, and the listed entity has been acquired by Grow House Agro Limited. Existing shareholders face high uncertainty as the new promoter group may pivot the company in a new direction, and old financial results are largely of historical interest. The auditor's disclaimer and going-concern doubt highlight serious governance and compliance issues from the past, but the stock is likely to trade on the new management's plans rather than these legacy numbers.