| Textual Information(1) |
1tThe above financial results for the quarter and year ended June 30 2025 have been reviewed by Audit Committee on 12th August 2025 and subsequently approved at the meeting of the Board of Directors the Board held on 12th August 2025 The financial results have been subjected to limited review by the Statutory Auditors of the Company pursuant to the requirement of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirement Regulations 2015 as amendedThe financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies Indian Accounting Standards Rules 2015 as amended as specified in Section 133 of the Companies Act 2013 the Act n2tThe format of unaudited quarterly results as prescribed in SEBIs circular CIRCFDCMD152015 dated November 30 2015 modified to comply with requirement SEBIs Circular dated July 5 2016 INDAS schedule IIIDivision II to the Companies Act 2013 applicable to the Companies that are required to comply with INDAS n3tThe operations of the Company fall under the Edible Oil business which is considered to be the only reportable segment in accordance with the provisions of INDAS 108 Operating Segments However prior to CIRP period company also had power division and other segments which are not acquired by the SEPL further we also want to bring this to attention that during the reported period Company was not generating any revenue from operations n4tKS Oils Limited was admitted for the Corporate Insolvency Resolution Process CIRP vide order dated July 21 2017 on an application filed under Section 7 of the IBC 2016 by SREI Infrastructure Finance Ltd Mr Kuldeep Verma was appointed as an Interim Resolution Professional IRP and he was later confirmed as its Resolution Professional RP As the Resolution Plan could not comeup within the maximum statutory period of 270 days the Committee of Creditors had approved seeking liquidation order and accordingly RP had filed an application before the Adjudicating Authority seeking liquidation order However vide order dated Jan 01 2021 the Adjudicating Authority had dismissed the said liquidation application The order was then challenged before the Honble NCLAT and Honble NCLAT vide its order dated March 16 2021 had set aside the order of the Adjudicating Authority and directed for the liquidation of KS Oils Mr Kuldeep Verma RP of KS Oils was appointed to continue as a Liquidator of KS Oils nAfter admission of application by the Honble NCLT Mr Kuldeep Verma has in his capacity as RP taken control and custody of the management and operations of the Company from 21st July 2017 but control and custody of the documents information was never duly provided by erstwhile management n5tIn terms of his duties under Section 252j of the IBC on perusal of the financial record of the Corporate Debtor the erstwhile RPLiquidator observed various suspect and questionable transaction including related party transactions by the Corporate Debtor Erstwhile Management which on prime facie basis appeared to be falling within the provisions of Section 43 45 49 50 66 of the IBC On 22082017 the COC discussed and decided to conduct the forensic audit of the transactions undertake by the Corporate Debtor for a period of 24 months in its meeting dated 21122017 including with its wholly owned subsidiaries and other related parties from 2172015 cut off date till 2172017 Insolvency Commencement date Based on forensic report the then Resolution Professional filed 2 applications before Honble NCLT IA 1632018 under section 66 read with section 605 A and Section 252j read with Rule 11 of the NCLT Rules 2016 and IA 1642018 under section 192 193 read along with Section 141B and section 74 of the IBC 2016 The same is presently sub judice before Honble NCLT Indore Bench The proceeds realised if any would be distributed to the stakeholders of liquidation estate as per section 53 of the IBC 2016 n Under the above circumstances and in absence documentsinformation and pending matters for adjudication before Honble NCLT the accounts has been prepared to the extent feasible based on available alternate evidencesinformation Since several of the financial irregularities are sub judice and the various investigations are ongoing any further disclosure if required would be made in the financial results of the Company as and when the outcome of the above uncertainties is known and the consequential disclosures are identified n6tCoperative Rabo bank UA realised its security interests towards its exposure from entire windmill assetsreceivables on its own by availing section 52 of the IBC 2016 by not relinquishing its security to the liquidation estate n7tHonble High Court at Singapore vide its separate order dated 2842023 passed order for winding up of KS Natural Resources Pte Ltd Subsidiary and KS Agri Resources Pte Limited Fellow subsidiary and appointed Mr Farooq Ahmad Mann of Mann Associates PAC as liquidator at Singapore The Liquidator of K S Oils Limited has filed claims before the Liquidator at Singapore in respect of equity shares held in KS Natural Resources Pte Ltd and loan given The investment made by Company in KS Natural Resources Pte Ltd Subsidiary does not form part of Sale of Company as Going Concern Block A Asset Any realization made would be distributed to the stakeholders of the liquidation estate of K S Oils Limited as per Section 53 of the IBC 2016 As K S Oils Limited had no control over above mentioned entities consolidated financial statements and consolidated quarterly financial results of KS Oils limited could not been prepared n8tIn the course of the liquidation process of KS Oils the liquidator successfully conducted the EAuction for sale of KS Oils Limited on 22nd December 2023 wherein the bid submitted by SoySar Edible Private Limited SEPL weourusthe Successful Bidder was the highest and accordingly SEPL was declared as the successful bidder for acquisition of KS Oils Limited n n9tHonble NCLT Indore Bench vide Order dated February 03 2025 hereinafter referred to as NCLT Order dated February 03 2025 had granted various reliefs and concessions to enable sale of the KS Oils to SEPL n10tIn n light of above mentioned information the new management of the Company and the liquidator has taken initiative and appointed Ms T Jain Associates Chartered Accountants to assist in preparing the financial statements of the Company and file the necessary filings before the ROCSEBI New management is preparing financial statements The RPLiquidatorNew Management is not making any representations regarding accuracy veracity or completeness of the data or information in the financial statements Moreover the RPLiquidator has demitted office on passing of the going concern order n11tNewly appointed Board of Directors are not to be considered responsible to discharge fiduciary duties with respect to the oversight on financial and operational health of the Company and performance of the management for the period prior to acquisition and any irregularities or defaults committed by the erstwhile management n12tCompany was delisted by the NSE notice issued on April 27 2018 and BSE notice issued on May 05 2018 during the moratorium period and contravention of the provisions under Section 14 of the Code By way of its order dated 03rd February 2025 the Honble NCLT allowed relisting of Equity Shares of KSOILS in both the NSE and BSE and subsequently KSOILS filed an application to the stock exchange for relisting on March 15 2025 Pursuant to such application KSOILS received a circular dated April 30 2025 from BSE and NSE stating that the Companys status would be changed from Delisted to Suspended wef May 05 2025 n13tThe Reconstituted Board is submitting these reports in compliance with the provisions of the Companies Act 2013 the rules and regulations framed there under Act and the Securities and Exchange Board of India Listing Obligations and Disclosure requirements Regulations 2015 Listing Regulations n14tNew Management have physically verified by the management during the year after the company was in receipt of the assets of the company under going concern as per order from Honble NCLT Indore dated 3rd February 2025 on reviewing inventory It was found to be unusable and having no market value Hence it was provided for in books of accounts by adjusting it with retained earnings n15tNew Management has also reviewed financial assets including Balance with statutory Authorities which were also written off in books of accounts due to nonrecoverability of such assets n16tCorresponding figures in previous quarterperiod have been regroupedrearranged whenever required to make them comparable n n |