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 2021-22
Awaiting price reaction for this filing.
K S Oils' board on August 12, 2025 approved unaudited and audited standalone financial results for nearly nine financial years in a single sitting — covering FY2017-18 through Q1 FY2025-26 — as catch-up filings after years of non-compliance during the company's insolvency and liquidation process. The company was admitted to Corporate Insolvency Resolution Process (CIRP) in July 2017 by SREI Infrastructure Finance, went into liquidation, and was subsequently acquired as a going concern by Soy-Sar Edible Private Limited (SEPL) following an NCLT order dated February 3, 2025. The results show no revenue from operations, with a loss of Rs 920 lakhs for Q1 FY2021-22 and Rs 3,326 lakhs for FY2020-21, and the auditor flagged that net worth is fully eroded, current liabilities exceed current assets, and Rs 1,51,583 lakhs of interest on bank loans remains unpaid. The board also appointed a new Executive Director, a new Statutory Auditor (M/s NIG & Co. for 5 years), and a new Secretarial Auditor, and issued notices for nine consecutive AGMs (31st through 39th) to clear the multi-year backlog. A forensic audit had previously found that the erstwhile management had syphoned funds and defrauded creditors.
Shareholders should treat this as a major housekeeping filing by new management post-acquisition rather than a sign of recovery — the underlying business shows zero revenue and fully eroded net worth. However, the going-concern acquisition by SEPL and NCLT-granted relief from pre-acquisition liabilities provide a clean slate, and the relisting (status changed from delisted to suspended) could eventually restore trading liquidity. Investors should closely review the auditor's emphasis-of-matter notes and the multi-year loss figures before making any decisions.