K S Oils Limited has submitted to the Exchange, the financial results for the period ended September 30, 2020.
Awaiting price reaction for this filing.
K.S. Oils Limited, which underwent Corporate Insolvency Resolution Process (CIRP) from July 2017 and was acquired by Soy-Sar Edible Private Limited via NCLT order dated February 3, 2025, has submitted a large set of pending financial results covering FY2017-18 through Q1 FY2025-26. For the headline period (quarter and half-year ended September 30, 2020), the company reported zero revenue from operations, total income of just Rs 6 lakhs, and a net loss of Rs 1,066 lakhs, with EPS of negative Rs 0.23. The auditor (Devesh Parekh & Co., newly appointed in May 2025) issued an Emphasis of Matter noting continuous losses, completely eroded net worth, current liabilities exceeding current assets, and unprovided interest on secured loans of Rs 1,52,770 lakhs. The auditor explicitly declined to provide a conclusion on the financial statements due to inability to verify inventories, fixed assets, receivables and payables. The board also approved the appointment of a new Executive Director (Mr. Virendra Kumar Singhvi), new Statutory Auditors (M/s NIG & Co.), new Secretarial Auditor, and 10 separate AGM notices (31st through 39th) to clear the multi-year filing backlog.
This is largely a compliance catch-up filing by the new management (acquirer Soy-Sar Edible Private Limited) to clear years of pending financial disclosures before relisting. The results themselves confirm the company was effectively non-operational during CIRP with fully eroded net worth and massive unpaid debt, but the post-acquisition NCLT order provides a going-concern basis going forward. Shareholders should note that prior-period irregularities, related-party frauds, and unprovided interest liabilities remain sub judice, and existing equity holders' value may have been substantially diminished through the resolution process.