Ashapura Intimates Fashion Ltd. Board Approves Q3 FY26 Unaudited Financial Results
Ashapura Intimates Fashion Limited's Board met on February 14, 2026, to approve unaudited standalone financial results for the quarter ended December 31, 2025. The auditor's report indicated significant issues, including a disclaimer of opinion due to lack of sufficient evidence and numerous compliance failures. The company remains under liquidation proceedings.
The disclaimer of opinion from the auditors, coupled with extensive non-compliance with statutory dues, tax filings, and a lack of verifiable financial records, points to a high impact on the company's financial health and operational continuity. The ongoing liquidation process further exacerbates this impact.
The auditor's report expresses a disclaimer of opinion due to numerous significant issues, including a lack of audit evidence, suspected fraudulent transactions, non-compliance with statutory dues, and failure to provide essential financial documents. These factors strongly indicate severe financial and operational distress.
Ashapura Intimates Fashion Limited announced the outcome of its Board Meeting held on February 14, 2026. The Board approved and took on record the unaudited standalone financial results for the quarter ended December 31, 2025.
The meeting commenced at 07:30 PM and concluded at 08:30 PM at C-806, Titanium City Centre, Nr. Sachin Tower, Satellite, Ahmedabad – 380015.
The independent auditor's report highlights significant issues including the inability to obtain sufficient appropriate audit evidence regarding opening balances, suspected fraudulent transactions, non-deposit of various statutory dues, and contraventions related to related party transactions. The company has also not provided complete details on pending litigations and claims. Furthermore, key financial documents like bank statements and loan account statements were not made available for verification.
Subsequent to an NCLT order, past liabilities, including statutory dues, loans, and other payables, have been written off and charged to the Statement of Profit and Loss under 'Exceptional Items'. The company has also not filed GST returns (GSTR-1 and GSTR-3B) for October, November, and December 2025, nor have TDS payments or returns been filed for the same period.
The company has been undergoing Corporate Insolvency Resolution Process (CIRP) since November 29, 2018, and was admitted for liquidation on October 5, 2020. M/s. Grow House Agro Limited was declared the successful bidder in an e-auction held on December 21, 2024, with a sale certificate issued on March 1, 2025. The successful bidder nominated new directors. An NCLT order dated June 10, 2025, granted reliefs including converting the company's status from liquidation to active, removing the existing board, and appointing new directors. However, the cancellation of existing shares and issuance of new equity shares have not yet been implemented.
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Ashapura Intimates Fashion Limited filed this with the NSE as a statutory disclosure, categorised under quarterly 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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