BSEAshapura Intimates Fashion LtdHighNeutral
Announced Wed, 4 Jun, 2025 · 20:01 IST

Results - Unaudited standalone financial results for the quarter ended September 30, 2020

Going ConcernAdverse OpinionEmphasis Of MatterRevenue DeclinePat NegativeExceptional ItemResults View source PDFExplain this filing
Price reaction

Awaiting price reaction for this filing.

AI summary

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.

Likely market impact

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.