Proceedings and Scrutinisers Report of the 60th Annual General Meeting (AGM) of Futura Polyesters Limited
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Futura Polyesters Limited held its 60th AGM on May 29, 2026 via video conferencing. Two ordinary resolutions were passed unanimously with 100% shareholder approval (23,391,493 votes for, 0 against) on both items. The first resolution adopted the audited financial statements for the year ended March 31, 2021. The second appointed M/s. V. S. Somani & Co. as the new Statutory Auditors, replacing the previous auditor. Notably, there were qualifications or adverse remarks in the Statutory and Secretarial Auditors' reports, which were replied to in the Directors' Report. Only 20 members participated in e-voting out of 34 who attended the meeting. The e-voting facility remained open for 15 minutes post-meeting, but no shareholders voted during this period.
All resolutions passed smoothly with unanimous shareholder support, indicating management control. The appointment of a new statutory auditor may signal a change in audit approach. However, the 5-year gap between the financial year (March 2021) and the AGM (May 2026) is unusual and may raise concerns about delayed financial reporting.