Futura Polyesters Limited will hold an Extra-Ordinary General Meeting (EGM) on Monday, October 26, 2026, at 11:00 am via video conferencing. The primary agenda is the appointment of new statutory auditors following the expiration of the previous firm's term.

The Board of Directors has recommended M/s. S. Somani & Associates, Chartered Accountants, Mumbai, for appointment as Statutory Auditors. This proposal arises after the statutory term of the previous auditors, M/s. V.S. Somani & Co., Chartered Accountants, expired at the conclusion of the Annual General Meeting for FY25. Due to mandatory auditor rotation provisions under Section 139(2) of the Companies Act, 2013, the outgoing firm was ineligible for reappointment.

Appointment Terms and Remuneration

If approved by shareholders through an Ordinary Resolution, M/s. S. Somani & Associates will hold office for a period of five consecutive financial years. Their tenure will commence from FY26 and continue until the conclusion of the Annual General Meeting to be held in FY30.

The proposed remuneration for the audit services is ₹6 lakh per annum, plus applicable taxes and reimbursement of out-of-pocket expenses. The company disclosed that this fee is almost the same as the fee paid to the outgoing auditor, M/s. V.S. Somani & Co.

Voting and Participation Details

Shareholders holding shares as on the cut-off date, October 19, 2026, are eligible to vote on the resolution. Remote e-voting facilities will be available from Friday, October 23, 2026, at 9:00 am until Sunday, October 25, 2026, at 5:00 pm. Members who have not voted remotely can participate in the e-voting during the live virtual meeting.

The company stated that physical attendance is not required as the meeting is conducted entirely through Video Conferencing or Other Audio-Visual Means. The deemed venue for the meeting remains the registered office in Mumbai. Mr. Martinho Ferrao, Practising Company Secretary, has been appointed as the Scrutinizer for the voting process.

Lakhotia Polyesters (India) Ltd saw a shift in its shareholder structure on September 21, 2026, as Intensive Finance Private Limited acquired 6,21,000 equity shares, representing 5.93% of the company's issued capital.

The transaction, executed through the open market, involved the transfer of shares from Intensive Softshare Private Limited, an entity acting in concert with the buyer. This move effectively consolidates the stake within the same corporate group rather than exiting the investment entirely.

Transaction Details

The disclosure filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, highlights that the seller and buyer are related entities. The sale reduced Intensive Softshare's holding to zero, while increasing Intensive Finance's stake by the same quantum.

What the Numbers Show

The data reveals a strategic consolidation rather than a divestment. While Intensive Softshare exited its position completely, the total shareholding held by the combined entities remained unchanged at 16,05,021 shares or 15.32% of the total voting capital. This indicates that the economic interest in Lakhotia Polyesters remains intact within the group structure, shifting from one subsidiary to another. The seller, Intensive Softshare, is not part of the promoter or promoter group, suggesting this is a non-promoter institutional adjustment.

Regulatory Context

The transaction was reported to BSE Limited, where the target company's shares are listed. The equity share capital of Lakhotia Polyesters stands at ₹10,47,39,880, comprising 1,04,73,988 equity shares of ₹10 each. Both pre- and post-transaction diluted share capital figures remain consistent with this baseline, confirming no change in the total outstanding shares of the target company due to this trade.