Futura Polyesters' record is broken at its foundation: five consecutive years of qualified audit opinions cite a material going-concern uncertainty. The company has been a discontinued operation since 2012, its shares have been suspended from trading since 2013, and its directors are disqualified under the Companies Act. A ₹166 crore stack of unprovided contingent liabilities sits on the balance sheet, while the board operates without statutory committees and passes every resolution with 100% promoter votes.
Key findings
- Regulatory non-compliance is pervasive and has lasted over a decade, with shares suspended since 2013
Major- Equity shares have been suspended from trading on BSE since 21 March 2013, and the suspension continues as of the FY2025-26 reporting period. Annual listing fees for five consecutive financial years remain unpaid, no Annual General Meeting has been convened for the years ended 2020 through 2024, and the company's directors are disqualified under Section 164(2) of the Companies Act. A certificate dated 26 August 2025 lists 18 specific SEBI LODR and Companies Act non-compliances, including that the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee were formed but their composition was non-compliant. - The board has no statutory committees or independent directors, and disqualified managing directors continue in office
Major- No Audit Committee, Nomination and Remuneration Committee, or Stakeholders Relationship Committee existed during FY2021-22, FY2023-24, and FY2024-25. Mr. Shyam Bhupatirai Ghia and Mr. Mukund Dharamdas Dalal were disqualified from being re-appointed due to non-filing of financial statements for continuous years from 2019-2020 through 2023-2024 but continued as Managing Directors. All three resolutions at the AGM on 29 May 2026 passed with 23,391,649 votes in favour and zero against. - The company carries ₹166 crore in unprovided contingent liabilities and faces a pending criminal investigation
Major- Contingent liabilities not provided for total 166.01 crore as of FY2025-26. The Bombay High Court ordered the company wound up on 22 June 2018; the NCLT disposed of the CIRP matter on 1 August 2023 and the High Court disposed of the winding-up petition on 13 October 2023. A High Court order dated 4 February 2021 allowed the Official Liquidator to seek a CBI criminal complaint against directors for alleged misappropriation of funds; the CBI filed two closure reports dated 28 February 2022 and 28 August 2024. - Accounting carries revalued land, capitalised old costs, and conditional penal interest
Minor- Freehold land is stated at revalued amount, and the company capitalised Rs. 66.25 lakh in land development charges incurred in FY2014-15 and FY2015-16 but not previously recognised. The company has provided interest at 14.25% on bank dues, but penal interest, if any levied by the bank, has not been considered in the books. - The company has been a discontinued operation since 2012 with no ongoing business
Minor- The company discontinued its sole product line on 19 December 2012. Revenue from discontinued operations was ₹9.14 crore in FY2024-25, up from ₹12.90 lakhs in FY2023-24. In FY2018-19, the company provided 100% against trade receivables and other receivables of ₹38.28 crore under expected credit loss, as they were overdue more than 90 days.
Bottom line: This is a company whose audit record, regulatory standing, and board structure have all been in a state of acknowledged failure for years. The going-concern qualification, the trading suspension, and the disqualified directors are long-standing conditions that remain unresolved. The ₹166 crore of unprovided contingent liabilities and the One Time Settlement accepted by banks in January 2025 are the two numbers that will determine whether the balance sheet can ever be rebuilt. Watch whether the company moves from stating it is "looking to get non-compliances sorted" to filing actual compounding applications.