Futura Polyesters Limited has extended the redemption period of its outstanding preference shares by five years, a move aimed at enabling efficient cash flow and financial resource management. The Board of Directors, in a meeting held on August 3, 2026, also appointed Dhvani M Shah & Associates as the company’s new Statutory Auditors. Shareholders will vote on these matters at an Extraordinary General Meeting (EGM) scheduled for August 26, 2026.

The extension applies to 19,89,000 9% Non-Cumulative Redeemable Preference Shares of ₹100 each. Originally redeemable on September 16, 2025, the new terms push the redemption date to September 17, 2030. All other terms, including the dividend rate, remain unchanged. The Board obtained approval from preference shareholders in accordance with Section 48 of the Companies Act, 2013.

Auditor Appointment

The Board approved the appointment of Dhvani M Shah & Associates, Chartered Accountants (FRN: 161963W), as Statutory Auditors following the expiration of the term of V.S. Somani & Co., Chartered Accountants. The new appointment is effective from the conclusion of the Board meeting until the next Annual General Meeting, subject to shareholder approval. The remuneration is fixed at ₹5,00,000 plus applicable taxes and reimbursement of out-of-pocket expenses.

Dhvani M Shah leads the proprietorship firm and brings two years of post-qualification experience in audit and taxation. The firm confirmed it is not debarred by SEBI or any other authority from holding the office of Statutory Auditor. No relationship exists between the auditor and the company’s directors.

EGM Details

The Board convened the first EGM of FY2026-27 for Wednesday, August 26, 2026, at 11:00 a.m. IST. The meeting will be held via Video Conferencing or Other Audio-Visual Means (OAVM). The notice will be dispatched in compliance with the Companies Act, 2013, and SEBI (LODR) Regulations. The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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