Omkar Speciality Chemicals Issues Qualified Review Report for Financial Results through December 2025
Omkar Speciality Chemicals Limited has released Limited Review Reports pertaining to its unaudited financial results for various periods, including the quarter ended 30 June 2025, the period ending 30 September 2025, and the cumulative nine months ended 31 December 2025. The financial results are prepared in line with Indian Accounting Standard 34 (Ind AS 34) and other recognized accounting practices.The reports confirm that the Company’s financials were prepared on a going concern basis, despite the reported losses during the respective periods under review.
Basis for Qualified Conclusion
The reviewers highlighted three primary factors contributing to the qualified conclusion across all reported periods:1. The Company was under Corporate Insolvency Resolution Process (CIRP) during the periods reviewed.
2. Comparative quarterly figures were not available because the Company had not prepared financial results for the first three quarters of the financial year 2024-25.
3. The financial results reported periods of loss; however, management ensured the statements were prepared on a going concern basis.
The review methodology confirmed that the scope was limited, consisting primarily of inquiries with company personnel and analytical procedures, providing moderate assurance rather than an audit opinion.
Key Emphasis on Resolution Plan
A consistent point of note across the review reports was the pending resolution status of the Company. The auditors drew attention to the approval of the Resolution Plan by the National Company Law Tribunal (NCLT) on 31 July 2025, a date subsequent to the reporting periods.Conclusion of Review
For all periods reviewed, the independent auditors issued a Qualified Conclusion. The statement confirms that, except for the possible effects of the matters detailed in the Basis for Qualified Conclusion paragraph, nothing was found to suggest that the accompanying Statement had not been prepared in all material respects in accordance with the applicable Indian Accounting Standards and other recognized accounting practices.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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