Reason for Delay

The company attributes the delay to major administrative difficulties caused by a severe shortage of staff in its finance, accounting, and compliance teams. This personnel shortage created a backlog over past quarters. Concurrently, the management was focused on resolving other past compliance issues, which placed a continuous heavy workload on the limited team.

Pending Results for Disclosure

The company states it is now ready to disclose financial results for an extensive list of past periods. The pending results cover quarters from September 30, 2020, through March 31, 2025, specifically including: September 2020, December 2020, March 2021, June 2021, September 2021, December 2021, March 2022, June 2022, September 2022, December 2022, March 2023, June 2023, September 2023, December 2023, March 2024, June 2024, September 2024, December 2024, and March 2025.

Board Approval and Website Disclosure

The company confirms that its Board of Directors had already reviewed and approved several past quarterly results during their meeting in June 2026. The financial results will be uploaded on the company's website at https://futurapolyesters.in/.

Limited Review Report for December 2021 Quarter

Attached to the submission is a Limited Review Report by V. S. Somani & Co., Chartered Accountants, for the unaudited financial results for the quarter and nine months ended December 31, 2021. The report contains a qualified conclusion based on two key matters:

1. Non-provision of Finance Costs: Note 5 of the financial statements states that 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, if any levied by banks. The borrowings have been classified as Non-Performing Assets (NPA) by the lenders. The impact of this non-provision on the financial results for the quarter and nine months ended December 2021 is not determinable, but it may mean finance costs and losses are understated.

2. Going Concern Uncertainty: The company is continuously incurring losses, its net worth has been completely eroded, and there are delays in servicing debt obligations along with significant overdue liabilities. These conditions indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, although the financial statements have been prepared on a going concern basis.

Financial Results for Quarter Ended December 31, 2021 (Unaudited)

The submitted financial results for the quarter ended December 31, 2021, show the following key figures (in ₹ lakhs):

  • Revenue from operations: 0
  • Other Income: 5
  • Total Income: 5
  • Total Expenses: 5
  • Profit/(Loss) before tax: (140.28) [from discontinued operations]
  • Tax expense of discontinued operations: 0
  • Profit/(Loss) from Discontinued operations (after tax): (140.28)
  • Profit/(Loss) for the period: (140.28)
  • Other Comprehensive Income: (29.09)
  • Total Comprehensive Income for the period: (169.36)
  • Earnings per equity share (Basic): (0.26)
  • Earnings per equity share (Diluted): (0.26)

Request to Exchange

The company requests the exchange to take its situation and disclosure plan on record and asks for patience as it works to clear all past delays and take necessary steps to lift the trading suspension on the company's shares.