Ashapura Intimates Fashion Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
Awaiting price reaction for this filing.
The company has filed its audited financial results for FY 2025-26. However, the auditors have issued a DISCLAIMER OF OPINION due to inability to obtain sufficient appropriate audit evidence. The auditors cited multiple issues: suspected fraudulent transactions during FY 2017-18, inability to verify opening balances, non-reconciliation of trade receivables/payables, non-compliance with statutory dues (PF, ESIC, GST, TDS, Income Tax) for multiple years, absence of physical inventory verification, no actuarial valuation for employee benefits, and incomplete documentation for secured loans and borrowings. The company underwent CIRP initiated by IDFC First Bank (admitted June 2019, liquidation ordered October 2020), and was sold via e-auction to Grow House Agro Limited in December 2024 with sale certificate issued March 1, 2025. Assets have been valued at liquidation values from 2023 reports. The auditors also raised material uncertainty about going concern as the company's net worth was fully eroded as of March 31, 2019. Related party transactions could not be verified for compliance with Sections 177 and 188 of Companies Act.
This is a highly concerning filing. A DISCLAIMER OF OPINION from auditors is one of the most negative audit outcomes, signaling fundamental questions about the reliability of the financial statements. Shareholders should exercise extreme caution as the company has a history of fraud suspicions, insolvency proceedings, and new management with limited verifiable track records. The stock carries very high risk.