Ashapura Intimates Fashion Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
Awaiting price reaction for this filing.
The company has filed a backlog of old quarterly and annual financial results covering the period from December 2018 to March 2021, following the sale of the company as a going concern through the NCLT liquidation process. M/s. Grow House Agro Limited was declared the successful bidder in an e-auction conducted on December 21, 2024, and a sale certificate was issued on March 1, 2025, after which a new board of directors was nominated. The filed results show the company in deep financial distress: revenue collapsed from Rs. 34,357.21 lakhs (FY2018) to just Rs. 72.52 lakhs in Q3 FY2019, with a net loss of Rs. 45,275.51 lakhs in that quarter driven by an exceptional item of Rs. 38,459.12 lakhs in impairment write-offs. The statutory auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion on each of these results, citing inability to verify opening balances, suspected fraudulent transactions, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), unreconciled receivables/payables, absence of inventory records, and contraventions of Sections 73, 177, 185, 186, and 188 of the Companies Act, 2013.
The Disclaimer of Opinion is a severe red flag, indicating the auditor could not verify the financial statements at all. The filing is essentially a compliance catch-up exercise by the new management after acquiring the shell of a liquidated company. Shareholders should treat this as a non-operating shell entity; the historical results are largely informational and reflect the pre-acquisition insolvency period, not the new business under Grow House Agro Limited.