Compliance Status and Reasons for Delay
The company acknowledges non-compliance with Regulation 33 for the period ended June 30, 2026, as referenced in BSE's notice dated August 31, 2026. The delay is attributed to severe administrative difficulties caused by critical staff shortages in finance, accounting, and compliance teams. This personnel shortage created a backlog over past quarters while the team simultaneously worked on resolving other pending compliance issues.
Despite these challenges, the Board of Directors had reviewed and approved several past quarterly results during their meeting in June 2026.
Pending Results Disclosure Plan
The company is preparing to disclose financial results for 20 quarterly periods: September 30, 2020; December 31, 2020; March 31, 2021; June 30, 2021; September 30, 2021; December 31, 2021; March 31, 2022; June 30, 2022; September 30, 2022; December 31, 2022; March 31, 2023; June 30, 2023; September 30, 2023; December 31, 2023; March 31, 2024; June 30, 2024; September 30, 2024; December 31, 2024; and March 31, 2025.
These results will be uploaded on the company's website at https://futurapolyesters.in/.
Limited Review Report Findings
V. S. Somani & Co., Chartered Accountants (Registration No. 117589W), issued a limited review report dated June 2, 2026, for the unaudited financial results for the quarter ended June 30, 2021. The report contains qualified conclusions based on two material issues:
1. Finance Cost Provisioning: The company has not recognized provision for finance cost in respect of borrowings exceeding 14.25% p.a. and has not provided for penal interest that may be levied by banks. The borrowings have been classified as Non-Performing Assets (NPA) by lenders. This may result in understated finance costs and losses for the quarter ended June 2021, though the exact financial impact is not determinable.
2. Going Concern Uncertainty: The company is continuously incurring losses, has completely eroded net worth, and experiences delays in servicing debt obligations with significant overdue liabilities. These conditions indicate material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, though the financial statements have been prepared on a going concern basis.
The comparative financial information for the quarter ended June 30, 2020, was reviewed by the predecessor auditor who also expressed a qualified conclusion in their report dated September 28, 2020.
Financial Results for Quarter Ended June 30, 2021 (₹ in Lakhs)
The financial results show:
- Net Loss for the period: ₹138.90 lakh
- Total Comprehensive Income for the period: ₹167.99 lakh loss
- Basic and Diluted Earnings per equity share: ₹0.25 loss
- Other Comprehensive Income (net of tax): ₹29.09 lakh loss
Discontinued Operations Details
The company's manufacturing of polyester products business segment has been discontinued since December 19, 2012. For the quarter ended June 30, 2021, discontinued operations showed:
- Revenue from discontinued operations: Not specified
- Interest Income: ₹1.89 lakh
- Total Income (A): ₹1.89 lakh
- Finance Cost - Interest Expenses: ₹137.16 lakh
- Amortisation on Leased Assets: ₹2.01 lakh
- Other Expenses: ₹1.62 lakh
- Total Expenditure (B): ₹140.79 lakh
- Loss from discontinued operations: ₹138.90 lakh
Significant Notes to Financial Statements
1. Financial results prepared in accordance with Ind AS and on a going concern basis
2. Results reviewed and approved by Board of Directors at meeting held on June 2, 2026
3. Manufacturing operations discontinued since December 19, 2012
4. Figures for quarter ended March 31, 2021 are balancing figures between audited annual figures and unaudited published year-to-date figures
5. Company provided interest @14.25% p.a. on amounts due to Banks/Lenders/Financial Institutions but did not consider penal interest
6. On June 23, 2025, the company paid the entire OTS amount of ₹243.45 crores to consortium lenders and obtained No Due Certificates from all lenders
7. Statements compiled in compliance with SEBI (LODR) Regulations, 2015