Futura Polyesters Limited secured shareholder approval to extend the redemption period of its non-cumulative redeemable preference shares by five years. The special resolution passed with overwhelming support during the company’s first extraordinary general meeting held via video conference on August 26, 2026.

The company had initially planned to appoint new statutory auditors but withdrew the ordinary resolution after M/s. Dhwani M Shah & Associates declined the appointment due to time constraints. Consequently, no voting occurred for this item, and all remote votes cast were discarded.

Voting Results

Shareholders voted primarily through remote e-voting prior to the meeting. Only 30 members attended the virtual session, and no additional votes were cast during the live meeting. The scrutinizer’s report confirmed that promoter group votes were excluded from the count.

What the Numbers Show

The near-unanimous approval (99.98%) for the preference share extension indicates strong alignment between management and minority shareholders regarding capital structure adjustments. With ₹198.9 crore in preference shares deferred for another five years, the company avoids immediate cash outflows for redemption, preserving liquidity for operational needs or other strategic uses.

Meeting Details

Shyam B. Ghia, Chairman and Managing Director, chaired the meeting. The e-voting facility remained open for 15 minutes post-proceedings to allow late voters to participate. The consolidated scrutinizer’s report was filed pursuant to Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014.

Lakhotia Polyesters has scheduled its 21st Annual General Meeting for Monday, September 21, 2026. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means, in compliance with SEBI regulations and the Companies Act, 2013.

The company published advertisements in "The Free Press Journal" (English) and "Navshakti" (Marathi) on August 21, 2026, to notify members of the upcoming event. Copies of these publications are available on the company’s website at www.lakhotiapoly.in .

Board Changes and Auditor Appointment

Lakhotia Polyesters (India) Limited appointed Murli Harishkumar Lakhotia as an additional director in the capacity of a non-executive, non-independent director. The appointment takes effect from August 18, 2026, following approval by the Board of Directors during its meeting held on August 17, 2026.

The board also accepted the resignation of Ashokkumar Gulabchand Khajanchi from the position of Executive Director, effective August 18, 2026. Khajanchi cited personal reasons and unavoidable circumstances for his departure, confirming there were no other material reasons for the resignation.

In addition to the directorship changes, the board addressed a casual vacancy in the office of the statutory auditor. Based on the recommendation of the Audit Committee, the company appointed M/s. Praveen Purohit & Associates, Chartered Accountants, as its new statutory auditors. This appointment replaces M/s. Sharp Arth & Co LLP, Chartered Accountants, who resigned from the role.

Both the appointment of Mr. Lakhotia and the new statutory auditors are subject to approval by the members of the company at the forthcoming Annual General Meeting (AGM).

Key Details

Mr. Lakhotia holds an MBA degree and possesses substantial business experience with a keen interest in international trade. He is related to Managing Director Madhusudan Shamsundar Lakhotiya and Mrs. Jayshri Madhusudan Lakhotiya.

Upcoming Corporate Events

The company has decided to hold its 21st Annual General Meeting on Monday, September 21, 2026. The board meeting commenced at 4:30 pm and concluded at 5:00 pm on August 17, 2026. All disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.