Consider and approve unaudited financial result of quarter ended June 2025 for FY 2025-26 of Ashapura Intimates Fashion Ltd
Awaiting price reaction for this filing.
The board approved Q1 FY26 unaudited standalone results. The statutory auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion, citing 24 separate issues including inability to verify opening balances, suspected fraudulent trade receivables, missing inventory and fixed asset records, unreconciled payables, and no supporting data for loans, borrowings, or expenses. The company has been under CIRP since June 2019 and in liquidation since October 2020, with operations suspended since Q3 FY18-19, eroding net worth and continued losses. Through an e-auction in December 2024, M/s. Grow House Agro Limited was declared successful bidder; NCLT's June 10, 2025 order authorized the acquisition as a going concern, with sale certificate issued March 1, 2025. A new board has taken over (Nikunj Shah as MD & CFO), 95 lakh new equity shares (INR 9.5 crore) are to be issued, promoter holdings are cancelled, and public shareholding will be reduced to 5%, with all past liabilities waived.
This filing signals a company revival transaction rather than normal operations — existing shareholders face near-total dilution as 95 lakh new shares are issued and promoter/old holdings are cancelled to comply with SEBI public-shareholding norms. While the company gets a clean slate free of legacy debts, the audit disclaimer and going-concern uncertainty mean the stock is high-risk and the Q1 numbers are not reliably comparable to a going business.