Results - Unaudited standalone financial results for the quarter ended June 30 2020
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd has finally filed standalone quarterly and yearly results covering a long delayed period from December 2018 to March 2021 — 10 different quarters/results in one go. The company went into Corporate Insolvency Resolution Process (CIRP) in late 2018 after an IDFC First Bank petition, was admitted by NCLT in June 2019, and was ordered into liquidation in October 2020. Revenue from operations collapsed to just Rs 72.52 lakhs in Q3 FY2018-19 from Rs 7,833.18 lakhs a year earlier, as operations were suspended. The company posted a net loss of Rs 45,275.51 lakhs in that quarter, driven by an exceptional write-off of Rs 38,459.12 lakhs. The business was eventually sold via e-auction in December 2024 to M/s. Grow House Agro Limited for Rs 2.13 crore earnest money, with sale certificate issued in March 2025 and a new board (including current MD Nikunj Shah) taking charge. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion and an Emphasis of Matter, flagging massive doubts on going concern, possible fraud in trade receivables, unreconciled balances, unpaid statutory dues, and related-party contraventions.
Despite the long-delayed catch-up filing, this is largely a historical clean-up exercise for a company that had effectively stopped operating and went through liquidation. A new board is now in place under the successful bidder Grow House Agro Limited, so existing shareholders face severe dilution risk or near-total loss as the listed entity has been acquired as an asset. Investors should treat any current trading with extreme caution, as the financial substance of the company has fundamentally changed.