Outcome of Board Meeting held as on 16.05.2026
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd's Board approved audited standalone financial results for FY ended March 31, 2026. However, the external auditor N.K. Sarraf & Associates has issued a DISCAIMER of opinion - the most serious audit qualification possible - citing inability to verify financial data due to missing documentation. Key issues include: suspected fraudulent transactions from FY 2017-18, non-deposit of statutory dues (PF, ESIC, GST, TDS) for years 2017-2025, no physical inventory verification, missing bank statements and loan documents, and non-compliance with multiple accounting standards. The company underwent Corporate Insolvency Resolution Process (CIRP) initiated in November 2018, was ordered into liquidation in October 2020, and was sold via e-auction to Grow House Agro Limited in December 2024 for Rs 21.30 Crores. The purchase consideration of Rs 21.30 Crores remains shown as a current liability pending share allotment.
This is an extremely high-risk filing. A disclaimer of audit opinion indicates fundamental data integrity failures. The company has no operative business since CIRP, is in liquidation status, and shareholders face potential total loss of value. The financial statements cannot be relied upon for investment decisions.