K S Oils Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2019.
Awaiting price reaction for this filing.
K.S. Oils Limited filed a bulk set of pending financial results covering FY2017-18 through Q1 FY2026, after being acquired by Soy-Sar Edible Private Limited following an NCLT-ordered liquidation. The company reported zero revenue from operations and a net loss of Rs 1,066 lakhs for Q1 FY2020 (quarter ended June 30, 2019). Full-year FY2019 showed a net loss of Rs 3,472 lakhs on total income of just Rs 96 lakhs, with net worth deeply negative at Rs (2,74,689) lakhs against total assets of Rs 54,215 lakhs. The auditor (Aditi Gupta & Associates) issued a Disclaimer of Opinion citing inability to verify payables, receivables, inventory, fixed assets, and ongoing IBC-related forensic audit findings of fund siphoning by the erstwhile management. The Board also appointed a new Executive Director, new statutory auditor M/s NIG & Co., and a secretarial auditor, and issued notices for AGMs from the 31st to 39th to catch up on years of missed meetings.
Shareholders should note that the company was historically insolvent with completely eroded net worth, and the current filings relate to a pre-acquisition period under resolution/liquidation. With new management in place and relisting approvals from NSE/BSE, the stock has moved from 'Delisted' to 'Suspended' status, meaning trading remains restricted. Investors face significant uncertainty around historical financials, ongoing IBC sub-judice matters, and the company's ability to restart edible oil operations under new ownership.