Audited standalone financial results for the quarter and year ended March 31, 2023
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd is a distressed company that has been under the Corporate Insolvency Resolution Process (CIRP) since June 2019 and was ordered into liquidation in October 2020. The company has reported zero revenue from operations across all quarters shown, with operations suspended since Q4 FY2018-19. The latest quarterly results show a net loss of ₹162.80 lakhs for Q1 FY22 and ₹161.81 lakhs for Q2 FY22, with finance costs of around ₹93-97 lakhs per quarter. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion, citing inability to verify opening balances, suspected fraudulent transactions, unreconciled receivables/payables, missing inventory and fixed asset records, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), and potential violations of multiple sections of the Companies Act. In December 2024, M/s. Grow House Agro Limited was declared the successful bidder for the listed entity in a liquidation e-auction, with the sale certificate issued on March 1, 2025, and a new board has been nominated.
This filing represents a back-logged disclosure of old results for a company in liquidation that has now been acquired as a shell by a new promoter (Grow House Agro). Shareholders should treat this with extreme caution — the auditor refused to express any opinion on the financials, the company's net worth is deeply negative (~₹-29,520 lakhs equity), and the stock behaves more like a shell/penny stock than a going concern. Existing equity holders are likely to face significant dilution or near-total loss depending on how the new management restructures the listed entity.