K S Oils Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2023.
Awaiting price reaction for this filing.
K S Oils Limited, which was under Corporate Insolvency Resolution Process (CIRP) since July 2017 and subsequently liquidated, was acquired by Soy-Sar Edible Private Limited (SEPL) on a going concern basis pursuant to NCLT order dated February 3, 2025. The new management is now filing backdated financial results covering FY 2017-18 through Q1 FY 2025-26 to meet listing compliance requirements after the company's status was changed from 'Delisted' to 'Suspended' on BSE and NSE effective May 5, 2025. The financial results show the company generating virtually no revenue from operations (Rs 60 lakhs for Q1 FY23) and incurring continuous losses (Rs 758 lakhs loss in Q1 FY23), with net worth completely eroded and secured loans of Rs 1,51,583 lakhs unpaid. The newly appointed statutory auditor (Devesh Parekh & Co., appointed May 2025) issued a review report containing an Emphasis of Matter paragraph highlighting ongoing losses, unverified payables/receivables, and was unable to provide a conclusion on the financial statements. The board also appointed Mr. Virendra Kumar Singhvi as Executive Director, M/s NIG & Co. as statutory auditors, and a new secretarial auditor.
This is largely a compliance catch-up filing by the new management after acquisition of a deeply distressed, formerly insolvent company. The historical financials reveal a severely eroded business with massive unpaid debt and ongoing litigation, which may concern shareholders. However, the relisting and going-concern acquisition suggest potential for restructuring, though the stock remains in 'Suspended' status on exchanges.