Ashapura Intimates Fashion Limited Approves FY 2026 Results Amid Liquidation Process and Sale to Grow House Agro

Ashapura Intimates Fashion Limited Approves FY 2026 Results Amid Liquidation Process and Sale to Grow House Agro​

Ashapura Intimates Fashion Limited announced on May 16, 2026, that its Board of Directors approved the audited standalone financial results for the quarter and year ended March 31, 2026. The results were taken on record at a Board meeting held at the company's Ahmedabad venue on that date.

The company's financial standing and recent transactions indicate that the entity is undergoing a liquidation process. During the financial year 2024-25, Ashapura Intimates Fashion Limited was sold in its entirety to Grow House Agro Limited for a total consideration of ₹21.30 Crores.

Transaction Details and Consideration​

The sale was structured under a Tri-Party Memorandum of Understanding (MOU) involving M/s. Grow House Agro Ltd., M/s. Pervasive Commodities Ltd., and Ashapura Intimates Fashion Ltd. The agreement specifies a total consideration of INR 21,30,00,000.

The funding sources for this amount are allocated as follows:

• M/s. Grow House Agro Ltd. is contributing INR 16,83,57,000.
• The remaining balance will be funded by M/s. Pervasive Commodities Ltd.

Crucially, the company has not yet issued shares to Grow House Agro Limited. Consequently, the sum received amounting to ₹21.30 Crores has been classified under Current Liabilities as 'Advance Received Against Sale of Entire Shareholding - Shares Allotment Pending'. Furthermore, the audit noted that M/s. Grow House Agro Ltd. is participating in the transaction only as a facilitator/mediator, with beneficial ownership and economic interest in the Corporate Debtor vesting with Pervasive and/or its nominated shareholders/SPV.

Financial Position Overview​

The company's standalone financial statements provide a snapshot of the financial position as of March 31, 2026, reflecting significant operations related to the Corporate Insolvency Resolution Process (CIRP).

The key financial figures for the standalone balance sheet and statement of cash flows, presented in Lakhs, are as follows:

Standalone Financial Statements (In Lakhs)


Cash Flow Summary (In Lakhs)


The company's management also noted that cash and cash equivalents were considered Nil as of the date, based on verbal representations, due to the absence of operative bank accounts or cash balances.

Audit and Operational Notes​

The company has been subject to the Corporate Insolvency Resolution Process (CIRP) since November 2018, with the liquidation process ordered by the Adjudicating Authority on October 5, 2020.

The financial statements reflect that assets have been valued based on liquidation values determined by independent valuation reports. These reports included:

• Land and Building: Valuation reports by Mr. Rajendra Tithe (February 7, 2023) and Mr. A.V. Shetty (February 9, 2023).
• Plant and Machinery: Valuation report by Mr. Kunal Vikamsey (February 14, 2023).

Management also reported that Fixed Assets are being sold to M/s. Namharatna Infra LLP during FY 2025-26, with the resulting profit recognized in the Statement of Profit and Loss.