Results - Unaudited Standalone financial results for the quarter ended December 31, 2019
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd filed a batch of long-pending quarterly and annual results covering Dec 2018 through Dec 2020, more than 5 years late, after a new board was appointed post-liquidation. The company was admitted to CIRP in June 2019, went into liquidation in October 2020, and was sold to Grow House Agro Limited via e-auction in December 2024, with the sale certificate issued in March 2025. For the headline quarter ended Dec 31, 2018, revenue from operations collapsed to just Rs 72.52 lakh from Rs 5,101.49 lakh in the previous quarter, and the company posted a massive net loss of Rs 45,275.51 lakh driven by a one-time exceptional write-off of Rs 38,459.12 lakh. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion citing inability to verify opening balances, suspected fraudulent transactions, non-deposit of statutory dues, missing inventory and fixed asset records, and possible violations of Sections 177/185/186/188 of the Companies Act. Equity turned deeply negative at Rs (27,157.40) lakh as of March 31, 2019, and operational activities have been suspended since Q3 FY2019.
This is a highly distressed, historic disclosure — not a current operating update. The new management is simply clearing backlogs after acquiring the listed shell entity via the liquidation process, so these numbers have no bearing on future earnings. Existing shareholders have effectively been wiped out given the negative net worth and the change in control through liquidation, and the stock now trades as a shell entity with no operating business.