Pursuant to the provisions of Regulation 33 and 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors ....
Awaiting price reaction for this filing.
Futura Polyesters' board, meeting on July 10, 2025, approved five years of audited standalone financial results (FY2020 to FY2024). The auditor (V.S. Somani & Co.) issued a qualified opinion, flagging major issues including non-provision of finance cost on NPA-classified borrowings (interest exceeding 14.25% p.a.) and a material uncertainty on going concern due to complete erosion of net worth (negative other equity of Rs. 45,949 lakhs) and overdue liabilities. Revenue for FY2021 jumped sharply to Rs. 1,547.16 lakhs from Rs. 147.18 lakhs in FY2020, but this came entirely from sale of partial land under discontinued operations—the core polyester business has been shut since December 2012. The company reported a net loss of Rs. 377.58 lakhs in FY2021 (vs Rs. 2,005.83 lakhs in FY2020). On a positive note, the company has completed an One Time Settlement (OTS) of Rs. 243.45 crores with consortium lenders in June 2025 after a turbulent history involving a winding-up order, transfer to NCLT, withdrawal of CIRP in August 2023, and recovery of possession of assets in October 2023. Contingent liabilities from income tax, sales tax, service tax and customs disputes run into thousands of crores, and several statutory dues like PF, ESI and excise remain unpaid.
This is a deeply distressed stock with completely eroded net worth, qualified audit opinions, and historical winding-up proceedings, making it highly risky for retail investors. The recent OTS settlement and possession recovery are positive steps toward revival, but going concern remains doubtful and large contingent liabilities could materially impact future financials.