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 2022-23
Awaiting price reaction for this filing.
K S Oils Limited, which underwent Corporate Insolvency Resolution Process (CIRP) from July 2017 and was subsequently sold as a going concern to Soy-Sar Edible Private Limited (SEPL) via NCLT order dated February 3, 2025, has cleared a major backlog by approving standalone financial results for FY2017-18 through FY2024-25 along with Q1 FY2025-26. The company also appointed M/s NIG & Co. as new statutory auditors for five years and Mr. Virendra Kumar Singhvi as Executive Director, while calling multiple AGMs (31st to 39th) to regularise years of non-compliance caused by the CIRP/liquidation. The auditor Devesh Parekh & Co. flagged an 'Emphasis of Matter' noting continuous losses, fully eroded net worth, unpaid bank interest of Rs 1,51,583 lakhs, and was unable to verify inventory, fixed assets, receivables and payables, ultimately declining to provide any conclusion on the results. For Q1 FY2022-23, the company reported zero revenue from operations and a loss of Rs 758 lakhs.
For existing shareholders, this filing is largely procedural as the new promoter (SEPL) works to regularise years of pending compliances and pursue relisting (status changed from Delisted to Suspended from May 5, 2025). However, the auditor's refusal to conclude on the financial statements, combined with the history of fraud, fully eroded net worth and zero revenue, signals deep fundamental weakness — investors should treat any trading purely as speculative and await relisting confirmation and fresh audited results under the new management.