Ashapura Intimates Fashion Limited adopted its financial statements for FY26 during the Annual General Meeting held on September 30, 2026. The company also appointed M/s. N K Sarraf & Associates as its statutory auditor and regularized the appointments of three directors.

The meeting, chaired by Managing Director Nikunj Shah, concluded at 11:30 am in Mumbai. Shareholders voted on both ordinary and special business items, including the adoption of a new Memorandum of Association and a proposal to shift the registered office from Maharashtra to Gujarat.

Director appointments and audit committee changes

Members approved the reappointment of Nikunj Sureshchandra Shah as a director retiring by rotation. The company also regularized the positions of Het Mebulbhai Thakkar as a Non-Executive Director, and Arzoo Raghubhai Rabari and Pooja Manthan Patel as Non-Executive Independent Directors.

M/s. Dharti Patel & Associates was appointed as the Secretarial Auditor for the company.

Key resolutions passed

The following table summarizes the resolutions taken up during the meeting:

Governance and structural updates

The shareholders approved a special resolution to adopt a new Memorandum of Association, replacing earlier objects with new ones. Additionally, a special resolution was passed to shift the company's registered office from the State of Maharashtra to the State of Gujarat.

E-voting facilities were provided to members from September 27, 2026, to September 29, 2026. Results were declared and submitted to BSE Limited and National Stock Exchange of India Limited within two working days of the meeting's conclusion.

Ashapura Intimates Fashion Limited (NSE: AIFL) board approved the cancellation of 37,20,692 equity shares held by pre-liquidation promoters and the allotment of 95,00,000 new shares to Pervasive Commodities Limited on September 24, 2026. This restructuring shifts promoter holding from 14.76% to 95%.

The decisions follow National Company Law Tribunal (NCLT) Mumbai Bench orders dated June 3, 2025. The board also approved a capital reduction for public shareholders, extinguishing 2,14,90,714 shares and issuing 5,00,000 new shares in their place.

Board Approvals and Share Structure Changes

The board meeting addressed three key regulatory mandates:

1. Promoter Share Cancellation: The board approved the permanent discharge of 37,20,692 equity shares of ₹10 each held by pre-liquidation promoters, including Harshad Hirji Thakkar and Rasiklal Liladhar Thakkar.
2. Public Shareholder Reduction: Existing public holdings of 2,14,90,714 shares were cancelled. In exchange, 5,00,000 new fully paid-up equity shares will be allotted to eligible public shareholders in a ratio of 1:43.
3. Preferential Allotment: The board authorized the issue of 95,00,000 new equity shares at ₹10 each to Pervasive Commodities Limited, the nominee of the successful bidder. This entity will be classified as a promoter.

Capital Structure Impact

The corporate action significantly alters the company’s capital structure and shareholding pattern. The paid-up capital reduces from ₹25.21 crore to ₹10 crore post-reduction, while the promoter stake expands dramatically due to the new allotment.

What the Numbers Show

The combined data reveals a complete transfer of control and a drastic reduction in public float. Public shareholding collapses from 85.24% to 5.00%, while the new promoter group, led by Pervasive Commodities Limited, assumes 95% ownership. This concentration leaves minimal public participation, with only 5 lakh shares remaining in public hands compared to the previous 2.14 crore.