Unaudited Standalone financial results for the quarter ended December 31, 2022
Awaiting price reaction for this filing.
Ashapura Intimates Fashion filed a bunch of delayed quarterly results in one go on June 12, 2025 — covering 8 quarters from June 2021 to March 2023. The company has been under CIRP since June 2019, was ordered into liquidation in October 2020, and was eventually sold via e-auction in December 2024 to Grow House Agro Limited, which nominated a new board in March 2025. For every quarter in the filing, revenue from operations is zero and the company reported net losses — for example, a loss of ₹162.80 lakhs in Q1 FY22 and ₹161.81 lakhs in Q2 FY22. The auditor issued a disclaimer of opinion, saying they could not verify almost anything — opening balances, inventory, fixed assets, statutory dues (PF, ESIC, GST, TDS), related party transactions, and possible fraudulent receivables. The balance sheet shows net worth deeply negative at ₹(29,520.47) lakhs as of September 2021, against borrowings of ₹19,490.37 lakhs.
This is a deeply distressed stock — a shell company in liquidation that was sold to a new promoter, with zero operations, wiped-out equity, and an auditor who refused to express any opinion. Existing shareholders face extreme uncertainty as the new buyer has taken control and the company's future business direction is unclear.