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.

Ashapura Intimates Fashion Limited (BSE: 535467) will hold its annual general meeting on September 30, 2026, with the share transfer book closed from September 24 to September 30, 2026.

The company seeks shareholder approval to expand into agriculture, real estate, jewellery, and information technology, alongside shifting its registered office from Maharashtra to Gujarat. The board approved these strategic changes on September 4, 2026.

Strategic Expansion

The proposed new main object clauses replace existing provisions to cover four distinct sectors:

• Agriculture and Food: Manufacturing, processing, and trading of agricultural products, edible oils, and allied goods.
• Real Estate and Infrastructure: Development of residential, commercial, and industrial properties, along with infrastructure projects like roads and bridges.
• Jewellery: Designing, manufacturing, and trading of ornaments, precious stones, and gemstones.
• Technology: Development of software, artificial intelligence, machine learning, and data science solutions.

Board Regularizations

The AGM agenda includes the regularization of three directors appointed following the company's revival by the National Company Law Tribunal (NCLT), Mumbai Bench, on June 3, 2025. The NCLT had discharged all previous directors and key managerial personnel as part of the revival process.

Shareholders will vote on the following appointments:

Mr. Nikunj Sureshchandra Shah (DIN: 09677879), the Managing Director, retires by rotation and seeks reappointment for a five-year term from July 1, 2025, to June 30, 2030.

Financial Performance

For FY26, the company reported a net profit of ₹4.87 lakh, compared to a net profit of ₹262.86 lakh in FY25. Total revenue from operations was nil for both years, with other income contributing ₹2.31 lakh in FY26 versus ₹19.15 lakh in FY25. The profit for FY26 was driven primarily by exceptional items, which included a gain of ₹469.32 lakh from the sale of assets, offset by impairment gains of ₹379.89 lakh.

Corporate Actions

The meeting is scheduled for 11:00 am at Plot no. 1, Pusha Park, Daftary Road, Malad East, Mumbai. Dharti Patel & Associates was appointed as the scrutinizer for the AGM.

Additional agenda items include:

• Adoption of audited financial statements for FY26.
• Appointment of M/s. N K Sarraf & Associates as statutory auditors for FY26-27.
• Appointment of M/s. Dharti Patel & Associates as secretarial auditor for five years, commencing FY26-27.

Remote e-voting will be available via NSDL from September 27, 2026, to September 29, 2026.