Unaudited standalone financial results for the quarter ended September 30, 2019
Awaiting price reaction for this filing.
The board of Ashapura Intimates Fashion Ltd, newly reconstituted after M/s. Grow House Agro Limited emerged as the successful bidder in the company's liquidation e-auction (conducted Dec 21, 2024, sale certificate issued Mar 1, 2025), approved a batch of pending quarterly and annual results that were never filed during the insolvency period. The company had been admitted to CIRP by NCLT on June 28, 2019 after IDFC First Bank's petition, went into liquidation on October 5, 2020, and operations have been suspended since Q3 FY2018-19. For Q3 FY2018-19 (Dec 2018), revenue collapsed to just ₹72.52 lakhs from ₹5,101.49 lakhs in the previous quarter, and the company posted a net loss of ₹(45,275.51) lakhs largely driven by an exceptional write-off of ₹38,459.12 lakhs. For the full year FY2018-19, revenue fell sharply to ₹12,515 lakhs from ₹34,357 lakhs in FY2017-18, with a net loss of ₹(49,118.49) lakhs and completely eroded net worth of ₹(27,157.40) lakhs. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion on these results, citing inability to verify opening balances, suspected fraudulent transactions, non-compliance with statutory dues, missing inventory and fixed asset records, and unreconciled balances.
This is essentially a housekeeping filing by the new management to clear SEBI's pending disclosure backlog after taking control of the shell. The financial results themselves reflect a defunct company that underwent liquidation, with massive losses, fully eroded net worth, and no operations since late 2018. Existing shareholders have effectively been wiped out, and any trading in the stock is purely speculative on the new management's revival plan — historical results are not representative of future performance.