K S Oils Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2021.
Awaiting price reaction for this filing.
K S Oils Limited, which was under CIRP and then liquidation since 2017 and was acquired by Soy-Sar Edible Private Limited through an NCLT auction (order dated February 3, 2025), has now filed a large batch of delayed financial results covering FY2017-18 through Q1 FY2021-22. The Q1 FY22 (quarter ended June 30, 2021) results show zero revenue from operations and a net loss of Rs 920 lakhs against a paid-up equity of Rs 4,592 lakhs. The newly appointed statutory auditor, Devesh Parekh & Co., issued a limited review report with an Emphasis of Matter flagging continuous losses, completely eroded net worth, current liabilities exceeding current assets, unverified payables/receivables, and non-payment of interest on secured bank loans of Rs 1,51,583 lakhs. The auditor also stated they could not obtain sufficient evidence to form any conclusion, effectively a disclaimer. The board also approved the appointment of new executive director Mr. Virendra Kumar Singhvi, new statutory auditor M/s NIG & Co, new secretarial auditor, shifting of registered office, and notices for multiple backdated AGMs (31st through 39th).
This is essentially a catch-up compliance filing by the newly acquired management of a company that was under insolvency for years. For shareholders, the numbers are poor — the company had no operating revenue during this period and was loss-making — but the going-concern basis has been restored post-acquisition. The shares remain in 'Suspended' status on BSE/NSE awaiting relisting approval, so there is no active trading yet. Investors should view this as a compliance update rather than a fundamental turnaround signal.