Unaudited standalone financial results for the quarter ended September 30, 2022
Awaiting price reaction for this filing.
Ashapura Intimates Fashion disclosed a backlog of unaudited standalone results covering eight quarters from Q1 FY22 to Q4 FY23, all approved at a board meeting on June 12, 2025. The company has been under Corporate Insolvency Resolution Process (CIRP) since June 2019 and was ordered into liquidation by NCLT on October 5, 2020. In December 2024, M/s. Grow House Agro Limited emerged as the successful bidder in an e-auction of the listed entity, paid the full consideration, and nominated a new Board of Directors (sale certificate dated March 1, 2025). Revenue from operations is zero across all reported periods, with continuous losses (e.g., net loss of Rs. 161.81 lakh in Q2 FY22, Rs. 162.80 lakh in Q1 FY22). Other equity is deeply negative at Rs. (32,041.61) lakh as of Sept 30, 2021, while current liabilities of Rs. 32,144.11 lakh far exceed total assets of Rs. 2,648.10 lakh. The statutory auditor issued a Disclaimer of Opinion citing 23 separate issues, including unconfirmed balances, suspected fraudulent transactions, non-deposit of statutory dues (PF, ESIC, GST, TDS, income tax), non-compliance with Companies Act provisions on related party transactions and loans, and absence of inventory, fixed asset and bank records.
This filing is highly negative for shareholders. The auditor's disclaimer of opinion, the explicit going-concern doubt, zero revenue, and deeply negative net worth indicate the company had no operating business for several years. The listing now effectively represents the recently acquired listed shell under new management (Grow House Agro), with prior shareholder equity likely substantially eroded by the liquidation and accumulated losses. Expect extreme caution and possible delisting or restructuring risk; existing shareholders' economic interest in the old operating business is minimal.