Audited Financial Result for the Quarter ended as on 31.03.2026
Awaiting price reaction for this filing.
The auditor has issued a Disclaimer of Opinion on the FY 2025-26 financial statements of Ashapura Intimates Fashion Limited, citing inability to obtain sufficient appropriate audit evidence on virtually all material line items. The company underwent Corporate Insolvency Resolution Process (CIRP) initiated in November 2018, was admitted to liquidation by NCLT in October 2020, and was subsequently sold via e-auction in December 2024 to Grow House Agro Limited for ₹21.30 crores. The new management took over post-sale certificate dated March 1, 2025. However, the auditors note that no supporting documentation was provided for opening balances, bank statements, inventory, receivables, payables, borrowings, fixed assets, revenue, expenses, or related party transactions. Multiple suspected fraudulent transactions from FY 2017-18 were flagged. The company also failed to comply with statutory filing requirements across multiple years and did not conduct physical verification of inventory or actuarial valuation for employee benefits.
The Disclaimer of Opinion indicates severe financial reporting control failures and lack of documentation integrity under the new ownership. The company is flagged as a going concern risk due to historical insolvency, though the auditors note the company is now considering going concern from FY 2025-26 post-acquisition. Shareholders should exercise extreme caution as the reliability of the financial statements cannot be independently verified.