Intimation of the 59th Annual General Meeting to be held on 29th May 2026 alongwith the Notice of the AGM and Annual Report of 2019-2020
Awaiting price reaction for this filing.
Futura Polyesters Ltd has convened its 59th AGM on May 29, 2026 via video conferencing, seeking shareholder approval for the audited financial statements for FY 2019-20. The company reported a net loss of Rs. 20.06 crore with zero turnover, as operations have been fully suspended since December 2012 due to severe financial crisis. The company has been selling land parcels in Chennai Manali (with CMDA approval) to raise funds. A major positive development is that the company completed a One Time Settlement (OTS) with its consortium of 8 secured lenders for Rs. 243.45 crore on June 23, 2025, received No Dues Certificates from all lenders, and banking restrictions were lifted in February 2026. The equity shares remain suspended from BSE trading since March 2013 due to non-compliance. No dividend is recommended. Directors' Report flags significant non-compliances including absence of proper board committees and internal controls due to the company's dormant state.
The OTS completion and receipt of No Dues Certificates from all lenders marks a major milestone — the company's secured debt obligations are fully extinguished. However, the stock remains suspended from BSE trading, and the company is still working to file pending annual reports. This filing covers FY 2019-20 financials and may prompt investors to monitor for revival plans and delisting/relisting developments.