AIFL Announces Unaudited Financial Results for Quarter Ended June 30, 2020
AIFL announces unaudited financial results for the quarter ended June 30, 2020, with a disclaimer of opinion from the auditor due to multiple uncertainties and ongoing CIRP.
The disclaimer of opinion from the auditor and the ongoing CIRP and liquidation process indicate a high level of financial distress and uncertainty for the company.
The auditor has issued a disclaimer of opinion due to multiple uncertainties and a lack of sufficient appropriate audit evidence. The company is also undergoing CIRP and liquidation.
* Ashapura Intimates Fashion Limited (AIFL) has announced the unaudited financial results for the quarter ended 30th June 2020. * The Corporate Insolvency Resolution Process (CIRP) was initiated against the Company on 28th June 2019. * Liquidation process commenced on October 5, 2020, with Mr. Bhavesh Rathod appointed as the Liquidator. * E-auction conducted on 21st December 2024; M/s. Grow House Agro Limited declared as the Successful Bidder on 23rd December 2024 and Sale certificate was issued on 01st March, 2025. * The auditor has issued a disclaimer of opinion due to multiple uncertainties and lack of sufficient appropriate audit evidence. * The company incurred losses during the quarter. * There were no significant operational activities during the quarter ended June 30, 2020, following the CIRP initiation on November 29, 2018. * The financial statements have been prepared on a going concern basis, pending final completion of the liquidation process. * As per the Sale Certificate dated 01st March, 2025 the successful bidder had nominated new Board of Directors of the Company.
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