Futura Polyesters Ltd Approves New Statutory Auditor, Extends Preference Share Redemption Period
Futura Polyesters Ltd announced several key outcomes from its Board of Directors meeting held on August 3, 2026, including the appointment of a new statutory auditor and the approval of an extension for the redemption period of its preference shares. The company also approved the convening of an Extraordinary General Meeting (EGM) to address these matters.The board meeting considered and ratified the appointment of M/s. Dhwani M Shah & Associates as the Statutory Auditors of the company, following the completion of the tenure of the previous auditors, M/s V S Somani & Co.
New Auditor Appointment Details
M/s Dhwani M Shah & Associates, Chartered Accountants, was appointed for this role. The appointment is effective from the conclusion of the Board Meeting until the next Annual General Meeting.
Details concerning the change in statutory auditing firm are provided below:
| Particulars | Detail |
|---|---|
| New Auditor Appointed | M/s Dhwani M Shah & Associates (FRN 161963W) |
| Previous Auditors | M/s V S Somani & Co. (Firm Registration No 117589W) |
| Appointment Date | August 03, 2026 |
| Term and Remuneration | The term runs from Board approval until the next Annual General Meeting. The remuneration is set at Rs 5,00,000/- plus applicable taxes and reimbursement of out-of-pocket expenses. |
M/s Dhwani M Shah & Associates is a proprietorship firm led by CA Dhwani M Shah, offering expertise in Audit & Assurance (statutory audits and compliance reviews), Direct Taxation (tax planning and advisory), and Indirect Taxation (GST compliance).
Preference Share Redemption Extended
The Board also approved the extension of the redemption period for 19,89,000 units of 9% Non-Cumulative Redeemable Preference Shares. The shares were originally redeemable on September 16, 2025.
Under the approval, the company has extended the redemption period by five years, making the new timeline run from September 17, 2025, up to September 17, 2030. All existing terms and conditions of the preference shares remain unchanged. The extension was approved following the necessary approval obtained from preference shareholders in accordance with Section 48 of the Companies Act, 2013.
The critical details related to this financial structure are summarized below:
| Aspect | Original Terms | Revised Terms |
|---|---|---|
| Number of Shares | 19,89,000 | 19,89,000 |
| Share Type & Dividend | 9% Non-Cumulative Redeemable Preference Shares | Unchanged |
| Original Redemption Date | September 16, 2025 | N/A |
| Extended Redemption Period | N/A | Five years (up to September 17, 2030) |
Extraordinary General Meeting Convened
The Board approved the convening of an Extraordinary General Meeting (EGM) for the financial year 2026-27. The EGM is scheduled to take place on Wednesday, August 26, 2026, at 11:00 a.m. IST.
The meeting will be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The purpose of the EGM is to consider and approve both the appointment of the new Statutory Auditor and the extension of the preference share redemption period.
Stock Price Movement
Futura Polyesters Ltd settled at ₹3.85 on Wednesday, declining 3.75%. The shares traded within an intraday range spanning from a low of ₹3.81 to a high of ₹3.85.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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