**Oscar Global Limited (BSE: 530173)** is an Indian listed entity currently undergoing a fundamental corporate transformation. Historically a manufacturer and exporter of leather garments, the company has pivoted toward a diversified trading model following the cessation of its industrial operations. As of late **2025**, the company is the subject of a mandatory takeover and change in control, signaling a strategic shift toward professional services and new commodity verticals. --- ### **Strategic Pivot and Change in Corporate Control** The company is currently transitioning from its founding management (the **Verma and Chadha** promoter group) to new leadership under **Mr. Gopal Bhatter** and **Gopal Bhatter HUF** (the "Acquirers"). * **The Acquisition (September 2025):** The Acquirers entered into a **Share Purchase Agreement (SPA)** to acquire **1,446,703** equity shares, representing **43.84%** of the existing capital. * **Mandatory Open Offer:** Following the SPA, an Open Offer was launched to acquire up to **858,000** additional shares (**26%** of equity capital) at **Rs. 12.15** per share. * **Future Direction:** The new management has indicated a strategic intent to expand into **Accountancy and Audit** services. They have committed to a **two-year moratorium** on alienating significant company assets, except in the ordinary course of business. * **Interim Leadership:** **Mr. Karan Kanika Verma** currently serves as **Chairman & Managing Director** (term ending **February 2029**) at **NIL remuneration**, providing stability during the handover phase. --- ### **Operational Status and Asset Liquidation** As of **August 2025**, Oscar Global Limited has **ceased all manufacturing operations**. This decision was driven by a permanent shift in consumer preference toward synthetic materials and the disruption caused by the **COVID-19 pandemic**. * **Asset Disposal:** Following shareholder mandates, the company has sold its **land, buildings, plant, and machinery**. * **Current Activity:** The company currently reports **no manufacturing or sales activity**. It is functioning primarily as a shell for future business avenues, including potential roles as an **export house, trading house, or consultant**. * **Subsidiaries:** The company has **no subsidiaries, joint ventures, or associate companies** as of **August 2025**. --- ### **Diversified Trading and Agency Portfolio** While manufacturing has halted, the company’s corporate charter allows for a broad range of trading, importing, and exporting activities across several high-value verticals: | Vertical | Key Commodities & Products | | :--- | :--- | | **Industrial & Engineering** | **Machine tools**, steel/iron products, **ores**, scraps, and **industrial diamonds**. | | **Agri-Commodities** | **Grains, pulses**, tobacco, seeds, **cashew kernels**, and oils. | | **Textiles & Lifestyle** | **Ready-made garments**, woolen textiles, **jewelry**, and handicrafts. | | **Chemicals & Raw Materials** | **Resins, shellac**, plastic goods, **paints**, and cosmetics. | | **Infrastructure & Health** | **Timber**, sanitaryware, **drugs/medicines**, and surgical instruments. | --- ### **Financial Performance and Capital Structure** The company’s financials reflect its transitional state, characterized by declining revenues and sustained net losses as it moves away from its legacy leather business. **Three-Year Financial Summary:** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Income** | **Rs. 15.51 Lakhs** | **Rs. 22.25 Lakhs** | **Rs. 12.97 Lakhs** | | **Net Profit / (Loss)** | **Rs. (21.06) Lakhs** | **Rs. (7.45) Lakhs** | **Rs. (25.05) Lakhs** | | **Earnings Per Share (EPS)** | **Rs. (0.64)** | **Rs. (0.23)** | **Rs. (0.759)** | **Equity and Listing Details:** * **Listing:** Active on **BSE Limited (Scrip: 530173)**. Voluntarily delisted from the **Calcutta Stock Exchange** on **January 03, 2025**, to reduce compliance costs. * **Share Capital:** **33,00,000** total shares. **3,283,600** are fully paid-up; **16,400** are partly paid-up (held by **101** shareholders). * **Net Worth:** **Rs. 3,26,70,429** (as of March 2023). * **Debt Profile:** The company maintains **zero borrowings** and no trade payables. Total liabilities of **Rs. 17.57 Lakhs** are primarily related to employee benefit provisions. --- ### **Risk Factors and Governance Challenges** Investors should note the following critical risks associated with the company’s current status: * **Operational Stoppage:** The lack of active production and turnover has led to an **"Emphasis of Matter"** by auditors regarding the company's status as a **going concern**. * **Takeover Execution:** The completion of the **Open Offer** is subject to regulatory approvals and the fulfillment of the **SPA** terms. Delays in this process could impact shareholder liquidity. * **Compliance Penalties:** In **December 2025**, the company incurred a fine of **₹73,160** from **BSE Limited** for delays in **SEBI LODR** compliance (Regulations 6(1), 27(2), and 31). * **Market Obsolescence:** The legacy leather business faces terminal decline due to competition from **synthetic leather** and cheaper exports from **China and Pakistan**. * **Resource Constraints:** The company has historically struggled with a shortage of **skilled manpower** and high-quality **finished leather** raw materials. --- ### **Investment Outlook** Oscar Global Limited is currently a **special situations** play. The value of the entity lies in its **BSE listing status**, its **debt-free balance sheet**, and the potential for the new promoter group to successfully inject a new business model (Accountancy/Audit/Trading). However, until the **Open Offer** is consummated and a new revenue stream is established, the company remains a high-risk, non-operational entity. No dividends have been recommended for **FY 2022-23 through FY 2024-25** to preserve remaining capital.