Futura Polyesters Limited has scheduled its Extraordinary General Meeting (EGM) for August 26, 2026, to seek shareholder approval for extending the redemption of its 9% Non-Cumulative Redeemable Preference Shares until September 2030. The meeting, held via Video Conferencing or Other Audio-Visual Means (OAVM), will also ratify the appointment of Dhvani M Shah & Associates as Statutory Auditors. This deferral of ₹19.89 crore in principal repayments preserves liquidity, with remote e-voting commencing on August 23, 2026.

The Board of Directors approved these resolutions on August 3, 2026. The preference shares, originally issued on September 17, 2010, were due for redemption on September 17, 2025. The extension pushes this date to September 17, 2030, while maintaining the 9% dividend rate. Prior approval was obtained from preference shareholders via written consent under Section 48 of the Companies Act, 2013. Equity shareholders will vote via a Special Resolution.

Auditor Appointment

Dhvani M Shah & Associates (FRN: 161963W) replaces V.S. Somani & Co., whose term expired. The new auditor’s term begins from the conclusion of the August 3 Board Meeting and lasts until the next Annual General Meeting. Remuneration is fixed at ₹5,00,000 plus applicable taxes and out-of-pocket expenses. Dhvani M Shah leads the firm and holds two years of post-qualification experience. The firm confirmed it is not debarred by SEBI or other authorities.

EGM and Voting Details

The EGM will be held on Wednesday, August 26, 2026, at 11:00 a.m. IST. The cut-off date for voting eligibility is August 19, 2026. Remote e-voting is available from August 23, 2026, at 9:00 a.m. IST until August 25, 2026, at 5:00 p.m. IST. CDSL serves as the e-voting service provider. Mr. Martinho Ferrao of Martinho Ferrao & Associates (FCS 6221) is appointed as Scrutinizer. Results will be declared within 48 hours of the meeting’s conclusion.

What the Numbers Show

The five-year extension defers a significant cash outflow, aiding short-term liquidity management. Since the preference shares are held by promoter-controlled entities, Chairman and Managing Director Shyam B. Ghia is deemed interested in the resolution. This structure suggests the move facilitates internal group financial planning without impacting external creditors. The constant dividend rate ensures the cost of capital remains unchanged, though the principal liability is postponed.

Lakhotia Polyesters (India) Limited announced that its statutory auditor, M/s. Sharp Aarth & Co LLP, resigned effective July 22, 2026, due to pre-occupation with other professional commitments and administrative reasons. The firm cited increased professional commitments and resource constraints as key factors behind its inability to allocate adequate time and resources to discharge its responsibilities effectively. The resignation was communicated via a letter dated July 22, 2026, and has been intimated to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

M/s. Sharp Aarth & Co LLP was appointed as the statutory auditor on April 1, 2022, with a term scheduled to expire on March 31, 2027. Prior to the resignation, the firm had submitted a limited review report dated July 17, 2026. The auditor confirmed there were no material reasons for the resignation other than those stated and that no concerns were raised prior to stepping down. The firm will comply with the applicable provisions of the Companies Act, 2013, including the filing of Form ADT-3 with the Registrar of Companies.

The disclosure confirms that the auditor did not face any management limitations regarding the inability to obtain sufficient appropriate audit evidence. Furthermore, the lack of information was not prevalent in previous financial statements, and no alternative procedures under SA 705 were required. The Board of Directors has been requested to file the necessary forms and intimations with the Registrar of Companies and other statutory authorities.

Auditor Details

Key Dates