Intimation of Relief Order Passed by the National Company Law Tribunal, Mumbai Bench
Awaiting price reaction for this filing.
The NCLT Mumbai has passed a relief order for Ashapura Intimates Fashion Ltd, which was bought by Grow House Agro Ltd as a going concern during liquidation. The order converts the company's status from 'Liquidation' to 'Active' and allows the new management to take over with Mr. Nikunj Shah as Managing Director and CFO. The new owner can cancel all existing promoter and promoter group shareholding without payment, and reduce public shareholding to just 5% (5 lakh equity shares of Rs 10 each). Grow House Agro will issue 95 lakh fresh equity shares worth Rs 9.5 crore to itself and its nominees. The new management and company are fully protected from all past dues, liabilities, taxes (income tax, GST, excise, VAT), penalties, and offences committed by the previous management. All statutory authorities including ROC and stock exchanges must facilitate the takeover without insisting on past compliance issues.
This is a major restructuring event — existing public shareholders will face massive dilution to just 5% of their current holding, and promoter shareholders will be completely wiped out with no payment. The company is effectively getting a fresh start under new ownership with Rs 9.5 crore of new equity, though retail investors holding the stock face significant value erosion.