Ashapura Intimates Fashion Ltd

Ashapura Intimates Fashion Ltd has announced the closure of its trading window for directors, designated persons, and other officials covered under the company's code of conduct. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will be shut from July 1st, 2026, until 48 hours after the declaration of the unaudited financial results for the quarter ended June 30th, 2026. The specific date for the board meeting to approve these results will be communicated later.

Ashapura Intimates Fashion Ltd's board meeting on May 16, 2026, approved and recorded the audited standalone financial results for the quarter and year ended March 31, 2026. However, the auditor, N.K. Sarraf & Associates, issued a disclaimer of opinion due to several factors, including unavailability of supporting documents, irregularities noted during the CIRP process, non-reconciliation of payables and receivables, non-deposition of statutory dues for prior years, and lack of key financial documents.

N.K. Sarraf & Associates, the auditor for Ashapura Intimates Fashion Limited, has disclaimed an opinion on the company's IND AS standalone financial statements for the year ended March 31, 2026. The disclaimer is due to the unavailability of sufficient appropriate audit evidence, including opening balances, reconciliation of payables/receivables, statutory dues compliance, and inventory records. The auditor also noted irregularities and suspected fraudulent transactions from prior years and was unable to verify adjustments made according to NCLT orders due to missing documentation.

Ashapura Intimates Fashion Ltd has rescheduled its Board of Directors meeting from May 15, 2026, to May 16, 2026, due to unavoidable circumstances. The meeting will consider and approve the Audited Financial results.

Ashapura Intimates Fashion Ltd has scheduled a Board of Directors meeting on May 15, 2026, to consider and approve the audited standalone financial results for the quarter and financial year ended March 31, 2026. The meeting is being held pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ashapura Intimates Fashion Ltd has announced the closure of the trading window for all directors, designated persons, and other officials covered under the code, in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure will be effective from 1st April, 2026 until the expiry of 48 hours after the declaration of audited financial results for the quarter and year ended on March 31st, 2026. The date of the Board Meeting for the declaration of audited financial results will be intimated in due course.

The unaudited standalone financial results for the quarter ended 31st December 2025 of Ashapura Intimates Fashion Ltd have been reviewed by N.K. Sarraf & Associates Chartered Accountants. The review report highlights multiple irregularities, suspected fraudulent transactions, and non-compliance with statutory dues and filing requirements. The company has written off outstanding statutory dues and other related payables as 'Exceptional Items'. The accuracy, completeness, and presentation of these items in the financial statements cannot be commented on due to the unavailability of supporting documentation.

Ashapura Intimates Fashion Ltd. held a Board Meeting on 14th February 2026 to approve the unaudited standalone financial results for the quarter ended December 31, 2025. The meeting was conducted in the context of the Regulation 30 and 33 of SEBI (LODR) Regulations, 2015. The company has experienced multiple irregularities, suspected fraudulent transactions, and statutory dues during the financial years 2017-2026. However, subsequent to the NCLT order, all outstanding statutory dues and other related payables have been written off and charged to the Statement of Profit and Loss under 'Exceptional Items.' The company has also been granted significant reliefs by the NCLT, including the conversion of its status from 'liquidation' to 'active,' removal of the existing Board of Directors, and appointment of new directors. The company is required to cancel the existing shareholding of both the promoters and the public shareholders and issue new shares to the applicant and its nominees. However, these actions have not yet been implemented as of the date of this report.

Ashapura Intimates Fashion Ltd has announced a Board of Directors meeting on February 14, 2026, to consider and approve the unaudited standalone financial results for the quarter ended December 31, 2025. The meeting is in accordance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.