Olympic Oil Industries Limited will hold its 46th Annual General Meeting on Wednesday, September 30, 2026. The meeting will be conducted exclusively through Video Conferencing (VC) or Other Audio Visual Means (OAVM), in compliance with the Companies Act, 2013, and SEBI Listing Regulations. No physical venue has been arranged for shareholder attendance.

The company notified the exchange on August 19, 2026, pursuant to Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was published in Business Standard (English) and Lakshadweep (Marathi) newspapers on the same date.

Electronic Access and Participation

Shareholders will receive the AGM notice and the annual report for the financial year 2025-26 via email if their contact details are registered with the company, Registrar and Transfer Agent (RTA), or Depository Participant. For members without registered email addresses, a letter containing a web-link to access these documents will be sent. The documents are also available on the company’s website and the BSE India portal.

Members attending the meeting through VC/OAVM will count toward the quorum under Section 103 of the Companies Act, 2013. The specific login details and link for joining the meeting will be provided in the formal AGM notice.

Voting Mechanism

The company is facilitating remote e-voting for all members to cast votes from locations other than the virtual meeting venue. Members may choose to vote remotely prior to the AGM or electronically during the meeting. Once a vote is cast, it cannot be changed. The detailed procedure for e-voting will be outlined in the AGM notice.

KYC and Email Registration

As per MCA and SEBI circulars, no physical copies of the notice or annual report will be dispatched. Shareholders holding physical shares are requested to update their email addresses and KYC details with the RTA, MUFG Intime India Private Limited (formerly Link Intime India Private Limited). Forms for this purpose are available on the company’s and RTA’s websites. Demat shareholders must update their details directly with their Depository Participants.

olympic oil industries faced a qualified audit opinion from its statutory auditors, Bhatther & Associates, for the financial year ended March 31, 2026. The audit report raises material uncertainties regarding the company’s ability to continue as a going concern, citing fully eroded net worth, accumulated losses exceeding share capital, and a complete halt in business operations during the year. The company submitted the corrected statutory auditor’s report to the Bombay Stock Exchange on August 1, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, after an initial format discrepancy was flagged by the exchange.

The core of the qualification stems from significant defaults in banking obligations and unprovisioned liabilities. A credit facility of ₹68.75 crore has been classified as Non-Performing Assets (NPA) by lenders under multiple banking arrangements. Indian Overseas Bank and Punjab National Bank (formerly Oriental Bank of Commerce) have not charged interest on these borrowings since July 2018 due to their NPA status. Consequently, the company has not provided for current year interest of approximately ₹20.73 crore or accumulated interest of approximately ₹97.33 crore, leading to an understatement of finance costs and total loss for the year under audit.

Beyond banking defaults, the auditors identified substantial risks across other balance sheet items. Sundry debtors include over-due receivables amounting to ₹316.52 crore, which are considered doubtful due to considerable delays and lack of confirmation. The auditors could not ascertain the required provision for these debts due to missing legal notices and incomplete details. Additionally, non-current investments valued at ₹4.1 crore show erosion in value, but the quantum of this erosion remains unidentified by management.

Related party transactions and payables also lack sufficient audit evidence. An unsecured loan of ₹38.47 crore to related parties is considered doubtful, with no interest charged and no net worth details available for the recipients. Furthermore, trade payables of ₹208.91 crore and advances from customers of ₹72.33 crore could not be confirmed through third-party reconciliation or supportive evidence, leaving the true liability position uncertain.

Regulatory scrutiny compounds these financial issues. The Special Investigation Team (SFIO) and the Central Bureau of Investigation (CBI) have initiated enquiries into the company’s credit facilities and affairs. Despite these factors raising substantial doubt about the company’s future operations, the financial statements were prepared on a going concern basis as disclosed by management, with no adjustments made to asset or liability carrying values.

Key Audit Qualifications

What the Numbers Show

The divergence between the reported financial results and the underlying economic reality is stark. While the company reports net profit/loss figures, the exclusion of nearly ₹118 crore in interest costs significantly understates the actual loss incurred. The presence of ₹316.52 crore in doubtful receivables against a backdrop of zero business operations suggests that asset quality is severely compromised. The simultaneous initiation of SFIO and CBI enquiries indicates that the financial irregularities extend beyond operational failures to potential legal violations, heightening the risk for stakeholders.