Results- Unaudited standalone financial results for the quarter ended June 30, 2019
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd (VALENTINE) disclosed a long-delayed set of quarterly and yearly results spanning Dec 2018 to Dec 2020 at a board meeting on June 4, 2025. The company has been under insolvency proceedings since June 2019, with operations suspended from Q3 FY19, and was admitted to liquidation in October 2020. For the year ended March 31, 2019, revenue collapsed to ₹14,100.82 lakhs (vs ₹34,357.21 lakhs prior year), and the company posted a massive net loss of ₹49,118.49 lakhs, including an exceptional item of ₹38,459.12 lakhs in write-offs triggered by the CIRP process. Net worth turned deeply negative at ₹(27,157.40) lakhs. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion citing inability to verify opening balances, suspected fraudulent transactions, unreconciled receivables/payables, missing fixed asset and inventory records, non-deposit of statutory dues, and potential contraventions of the Companies Act regarding related-party transactions and loans to directors. In December 2024, the Liquidator completed an e-auction where Grow House Agro Limited was declared the successful bidder, and a Sale Certificate was issued on March 1, 2025, with a new Board of Directors now in place.
For shareholders, this is effectively a closure announcement: the original business is being acquired as a listed shell by Grow House Agro Limited via the IBC liquidation process, the original equity is fully eroded (negative net worth of ₹27,157+ crore), and the auditor has disclaimed any opinion on these results. Existing shares likely hold minimal residual value, and the stock now represents a different business under new management rather than the legacy Ashapura operations.