Results - Unaudited standalone financial results for the quarter ended September 30, 2020
Awaiting price reaction for this filing.
The board of Ashapura Intimates Fashion Ltd approved a series of long-pending standalone financial results covering the period from Q3 FY2018-19 through Q4 FY2020-21 in a single sitting on June 4, 2025. The auditor (N.K. Sarraf & Associates) issued a disclaimer of opinion for every quarter, citing unavailability of supporting documents, suspected fraudulent transactions identified during CIRP, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), and contraventions of Companies Act sections 177, 185, 186, and 188. Operations have been suspended since Q3 FY2018-19, revenue collapsed from Rs. 7,833 lakhs (Dec 2017) to Rs. 72.52 lakhs (Dec 2018), and the company booked a massive Rs. 38,459 lakhs exceptional write-off. The company underwent CIRP from June 2019, was ordered into liquidation in October 2020, and was sold via e-auction to M/s. Grow House Agro Limited in December 2024, with the sale certificate issued in March 2025.
This is a high-risk distressed stock. The auditor's disclaimer, suspected fraud, going-concern doubt, and completed IBC liquidation/sale mean shareholders effectively face a shell company post-acquisition; the new management (Grow House Agro) controls the listed entity.