Omkar Speciality Chemicals Limited reported losses for multiple periods in FY26 while under the Corporate Insolvency Resolution Process (CIRP), with its net worth turning negative and indicating material uncertainty regarding its status as a going concern. The company's financial results for the quarter ended 30 June 2025, and the quarter and half-year ended 30 September 2025, and the quarter and nine months ended 31 December 2025, were reviewed by R.R. Tibrewala & Co., Chartered Accountants. The auditor issued a qualified conclusion, noting that the financial results were prepared on a going concern basis considering the approval of a resolution plan by the Hon’ble NCLT on 31 July 2025, subsequent to the reporting periods.

R.R. Tibrewala & Co. conducted the review in accordance with the Standard on Review Engagement (SRE) 2410, issued by the Institute of Chartered Accountants of India. The review was performed to obtain moderate assurance as to whether the statement of unaudited financial results was free of material misstatement. The report was submitted pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Audit Observations

The auditor highlighted several factors in the Basis for Qualified Conclusion across the reviewed periods:

• The company was under CIRP during the period under review for the quarter ended 30 June 2025.
• The company has not prepared financial results for the first three quarters of the financial year 2024-25, and hence comparative quarterly figures are not available.
• The company incurred losses during the quarter ended 30 June 2025, and its net worth is negative.
• The company reported losses during the periods ended 30 September 2025 and 31 December 2025.

Regulatory and Legal Context

The Emphasis of Matter paragraph in the reports draws attention to Note 4 of the financial results regarding the approval of the Resolution Plan by the NCLT on 31 July 2025. The auditor clarified that their conclusion is not modified in respect of this matter. The reports were signed by CA Nirmal K. Khetan, Partner, on 27 May 2026 in Mumbai.

Omkar Speciality Chemicals Limited has announced that its Monitoring Committee will convene on May 27, 2026. The meeting is being held pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is currently under the Corporate Insolvency Resolution Process (CIRP) following an order dated December 5, 2022.

Agenda for the Meeting

The primary focus of the meeting will be the review and approval of the company's unaudited financial statements. The committee is set to consider the financial results for three specific quarters ending June 30, 2025, September 30, 2025, and December 31, 2025.

Key Appointments and Committees

Beyond financial approvals, the committee will deliberate on several governance and operational matters. This includes the constitution of the Audit Committee of the Board and the Stakeholder's Relationship Committee of the Board. The meeting will also see the appointment of Mr. Ruhini Kumar Chakraborty (DIN: 08124270) as an Independent Director and Mr. Dipak Kumar Shaw (PAN: CCYPS8421F) as the Chief Executive Officer (CEO) of the company.

Administrative and Financial Resolutions

The agenda further includes administrative decisions critical to the company's operations. The Monitoring Committee will consider the appointment of Statutory Auditors to fill a casual vacancy and the appointment of a Secretarial Auditor for the Financial Year 2025-26. Additionally, the committee will discuss the opening of a current bank account with ICICI Bank.

CIRP Related Discussions

The meeting will also address specific matters related to the ongoing insolvency proceedings. The committee is scheduled to discuss the CIRP costs and the refund of Performance Bank Guarantee (PBG). These discussions are part of the broader resolution efforts for Omkar Speciality Chemicals Limited.