Futuristic Solutions’ record is clean on its face: six years of unqualified annual audit opinions, zero debt, and cash on the books. Two things deserve attention. First, a ₹2.99 crore advance to a director-linked entity sat undisclosed for years, then turned into a ₹6.00 crore realisation in FY26 while the company repeatedly stated it had no loans or advances under Section 186. Second, the company deals in distressed claims whose realisable value cannot be ascertained, yet revenue swung from ₹0.20 crore to ₹6.52 crore in a single year with no receivables on the books, leaving the reader with no way to judge whether the income is real.
Key findings
- A ₹2.99 crore advance to a director-linked entity went undisclosed for years, then became a ₹6.00 crore realisation
Major- The company gave an advance of ₹2,99,09,490 against a land-backed claim to Diana, a relative of a director, and the balance sat unchanged at that exact figure through FY21 and FY22. In FY26 the company booked a realisation of 6 crore from Diana Euro Chem Private Limited. Every year from FY21 through FY26 the Board’s Report declared that no loans, guarantees, or investments were made under Section 186 of the Companies Act, 2013. - Revenue is inherently uncertain because the company deals in distressed claims whose realisable value cannot be ascertained
Major- The company itself states that “due to the nature of business of dealing in claims, it is not possible to ascertain the net realizable value of the claims”. Revenue from operations was ₹0.20 crore in FY25 and ₹6.52 crore in FY26, yet trade receivables stood at nil in both years. Income from disputed claims is recognised only “after expiry of the limitation period for appeal or disposal of appeal, whichever is earlier”, and the cost of a claim is set off against the first recovery. - Promoter family holds board and management control with only one director drawing pay, while MD remuneration has nearly tripled over six years
Minor- Mr. Mandeep Sandhu (Managing Director) and Mrs. Sangeeta Sandhu (Non-Executive Director) are husband and wife, and no other director received any remuneration from the company in any year from FY21 through FY26. Mr. Sandhu’s remuneration rose from ₹9.47 lakh in FY21 to ₹15 lakh in FY22 and ₹21 lakh in FY25 and FY26, and the Board approved an increase to ₹27 lakh per annum effective 1 April 2026. The Company Secretary position changed five times between 11 July 2020 and 11 August 2025. - Statutory auditor rotated after the predecessor declined reappointment, and the secretarial auditor changed twice in FY24
Minor- M/s. KRA & Associates completed its five-year tenure at the 39th AGM in September 2022 and showed unwillingness for re-appointment. M/s. Mahesh Yadav & Company was appointed as statutory auditor at the same AGM for a five-year term until the 44th AGM in 2027. The secretarial auditor changed twice in FY24: M/s N S & Associates was appointed on 18 May 2023, then resigned and was replaced by M/s Kumar Rajesh & Associates on 11 August 2023.
What to watch
- Diana Euro Chem realisation. Whether the ₹6.00 crore realisation from Diana Euro Chem Private Limited in FY26 is fully collected in cash or remains a receivable, to be assessed from the FY27 half-yearly RPT disclosures due by November 2026.
- IEPF compliance. Resolution of the outstanding IEPF compliance form filing for FY12 and FY13 dividends, as noted in the FY26 annual report.
Bottom line: This is a zero-debt company with a six-year run of unqualified annual audit opinions. The risk sits in two places: a director-linked advance that went undisclosed for years before morphing into a ₹6.00 crore revenue line, and a business model where the company itself says it cannot ascertain what its claims are worth. Read the Diana Euro Chem realisation and the FY24 Adverse Opinion resolution with that in mind, and watch whether the ₹6.00 crore lands as cash.