K S Oils Limited has submitted to the Exchange, the financial results for the period ended March 31, 2024.
Awaiting price reaction for this filing.
K S Oils Limited, which was in Corporate Insolvency Resolution Process (CIRP) since 2017 and delisted in 2018, has filed a massive catch-up set of financial results covering FY 2017-18 through Q1 FY 2025-26 after being acquired by Soy-Sar Edible Private Limited (SEPL) as a going concern via NCLT order dated February 3, 2025. The Board approved results for 8+ financial years, appointed new statutory auditors (M/s NIG & Co.) and secretarial auditors, named Mr. Virendra Kumar Singhvi as Additional Executive Director, and called catch-up AGMs from the 31st to 39th between September 11-30, 2025. For the sample quarter (Q1 FY24, June 30, 2023), the company reported zero revenue from operations, total income of just Rs 150 lakhs, a net loss of Rs 904 lakhs, and an EPS of Rs (0.20). The auditor (Devesh Parekh & Co.) flagged an Emphasis of Matter citing fully eroded net worth, current liabilities exceeding current assets, unsecured secured loans of Rs 1,51,583 lakhs with unpaid interest, fraudulent transactions by erstwhile management, and stated they were 'unable to obtain evidence' to provide any conclusion on the financials.
This is effectively a relisting-era compliance dump covering nearly a decade of dormant financial reporting. While the new management has cleaned up governance with fresh auditor and director appointments, the underlying business is non-operational with zero revenue, the net worth is fully eroded, and the auditor refused to give any conclusion on the numbers. Shareholders should treat this as a 'restart' situation — past losses are crystallized, prior fraud is documented, and future stock performance will depend entirely on the new owner's revival plan rather than the historical financials.