K S Oils Limited has informed the Exchange about the Board Meeting held on August 12, 2025 to consider and approved the unaudited & Audited (Standalone) Financial Results for 2023-24
Awaiting price reaction for this filing.
K.S. Oils, a company that was admitted to CIRP in 2017, went into liquidation, and was later acquired as a going concern by Soy-Sar Edible Private Limited in early 2025, has approved a massive back-log of unaudited and audited standalone financial results spanning eight financial years. The new management is also convening nine consecutive AGMs (31st to 39th) in September 2025 to catch up on years of non-compliance. For Q1 FY24 (June 2023), the company reported zero revenue from operations, a net loss of Rs 904 lakhs, and a completely eroded net worth. The auditor (Devesh Parekh & Co., newly appointed in May 2025) flagged an Emphasis of Matter noting continuous losses, current liabilities exceeding current assets, Rs 1,51,583 lakhs of unpaid bank loan interest, and a forensic audit that found the erstwhile management had syphoned funds. The auditor explicitly stated they could not provide any conclusion on the financial statements due to inability to verify payables, receivables, inventory, and fixed assets.
This is a high-risk filing — the company has zero operations, fully eroded net worth, massive unpaid bank debt, and a history of fraud. However, the going-concern basis was re-established after the NCLT-approved acquisition by Soy-Sar Edible, and the stock is in 'Suspended' status pending relisting. Shareholders face extreme uncertainty; this is essentially a relisted shell company being brought back into compliance rather than an active operating business.