AIFL Announces Audited Standalone Financial Results for Year Ended March 31, 2024
AIFL's board approved audited standalone results for FY24 on September 26, 2025, noting non-compliance with statutory dues and loan defaults totaling ₹ 23,223.654 Lakhs across multiple financial institutions.
The significant loan defaults and statutory non-compliance, coupled with auditor concerns, pose a substantial risk to the company's financial stability and reputation.
The announcement highlights defaults in statutory payments and loan repayments, along with concerns raised by the auditor, indicating financial distress and non-compliance.
* Ashapura Intimates Fashion Ltd's Board of Directors approved and took on record the audited standalone financial results for the year ended March 31, 2024, during its meeting held on September 26, 2025. * 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, 2019-2020, 2020-2021, 2021-2022, 2022-23 and 2023-24. * No provision has been made in the books for interest and penalties that may arise on account of such noncompliances. * Various Trade receivables and Advance to suppliers appears to be fraudulent in nature. * The company has defaulted in repayment of loans or borrowings from bank and financial institution. The period and amount of default as at 31.03.2024: * State Bank of India (including Cash Credit, Term Loans and Bills of Exchange): ₹ 11,203.19 Lakhs * IDFC First Bank Limited (Cash Credit Loans): ₹ 6,113.204 Lakhs * Yes Bank Limited (including Letter of Credit): ₹ 1,392.63 Lakhs * IFCI Venture Capital Funds Limited (Term Loan): ₹ 979.78 Lakhs * SIDBI (Term Loans): ₹ 934.53 Lakhs * Reliance Commercial Finance Ltd (Term Loan): ₹ 32.07 Lakhs * Reliance Home Finance Ltd (Term Loan): ₹ 108.83 Lakhs * Union Bank Of India: ₹ 387.22 Lakhs * Bank Of Baroda: ₹ 387.1 Lakhs * Fullerton India Credit Company Limited: ₹ 1,288.10 Lakhs
What to do with a filing like this
Ashapura Intimates Fashion Limited filed this with the NSE as a statutory disclosure, categorised under annual results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Ashapura Intimates Fashion Limited. Read the original for the full detail.