AIFL Announces Audited Financial Results for Quarter Ended March 31, 2022
AIFL announces audited financial results for the quarter ended March 31, 2022, with a disclaimer of opinion from the auditor due to multiple irregularities and the ongoing CIRP.
The disclaimer of opinion from the auditor and the ongoing CIRP process signify a high impact on the company's financial health and operations.
The auditor's disclaimer of opinion and emphasis on material misstatements and going concern uncertainty indicate a negative outlook.
* Ashapura Intimates Fashion Limited (AIFL) has released audited financial results for the quarter ended March 31, 2022. * The Corporate Insolvency Resolution Process (CIRP) was initiated against the company on June 28, 2019; liquidation commenced on October 5, 2020. * E-auction conducted on December 21, 2024, declared M/s. Grow House Agro Limited as the Successful Bidder on December 23, 2024. * Sale certificate issued on March 1, 2025, with the successful bidder nominating new Board of Directors. * Auditor's report includes a disclaimer of opinion due to multiple irregularities, suspected fraudulent transactions, and non-availability of supporting documents/information. * The company has not deposited various statutory dues (PF, ESIC, GST, TDS, and Income Tax) with the respective government authorities and has also failed to comply with the filing requirements under multiple statutory enactments during the financial years 2017-2018, 2018-2019, 2019-20, 2020-21 and 2021-22. * The company reported revenue from operations of ₹3.15 lakh for the quarter ended March 31, 2022. * Net loss for the period stood at ₹178.74 lakh. * Basic and diluted EPS both at ₹(0.71). * The auditor has emphasized that the financial statements may contain material misstatements and that the company's ability to continue as a going concern is uncertain.
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