Reg. 34 (1) Annual Report_2022
Awaiting price reaction for this filing.
Futura Polyesters Limited has submitted its Annual Report for FY 2021-22. The company has been operationally defunct since December 2012 and was under Official Liquidator's control since October 2020 following a Bombay High Court winding-up petition. Revenue from discontinued operations dropped sharply to Rs. 7.58 lakhs from Rs. 1,547 lakhs in the prior year, while the company reported a net loss of Rs. 560.90 lakhs. The company has disposed of land assets (170.18 acres of 211.14 acres sold) to settle debts. An OTS (One Time Settlement) with lenders for Rs. 243.45 crores was concluded in March 2025 with full payment made in June 2025. Shares remain suspended from BSE trading since March 2013. Multiple auditor concerns include failure to maintain statutory registers, irregular statutory deposits, and inadequate internal controls.
The company is essentially a defunct shell with no operational revenue. While the OTS settlement has extinguished secured loan obligations, shareholders face significant uncertainty given the trading suspension since 2013 and ongoing compliance regularization requirements. The auditors' going concern doubt remains a serious red flag for any investment consideration.