AIFL Announces Unaudited Financial Results for Quarter Ended June 30, 2021
AIFL announces unaudited financial results for the quarter ended June 30, 2021, with a disclaimer of opinion from the auditor due to the ongoing CIRP and multiple uncertainties.
The disclaimer of opinion from the auditors and the ongoing CIRP indicate significant financial and operational challenges for the company, which could have a high impact on investors and stakeholders.
The audit report expresses a disclaimer of opinion due to multiple uncertainties and a lack of sufficient appropriate audit evidence. The company is under CIRP, and the auditor has not been able to express an opinion on the financial statements.
* Ashapura Intimates Fashion Limited (AIFL) has announced the unaudited financial results for the quarter ended 30th June 2021. * The company is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 since June 28, 2019. * Liquidation process commenced w.e.f. October 05, 2020, and Mr. Bhavesh Rathod was appointed as the Liquidator. * An e-auction was conducted on December 21, 2024, to sell the company as a whole; M/s. Grow House Agro Limited was declared the successful bidder on December 23, 2024. * A sale certificate was issued on March 1, 2025, after receiving the total consideration, and the successful bidder nominated new Board of Directors. * The auditor has issued a disclaimer of opinion due to multiple uncertainties and a lack of sufficient appropriate audit evidence. * The financial statements have not been prepared in accordance with Indian Accounting Standards (Ind AS). * There were no significant operational activities and revenues reported during the quarter ended 30th June 2021. * Net loss for the period is ₹162.80 Lakh. * Earning per share is ₹(0.65). * The company has not assessed or reviewed the condition and/or operation ability of plant and machineries and other fixed assets for the impairment.
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