Futura Polyesters Ltd

⚠️ Futura Polyesters Ltd: Auditor Flags Inadequate Financial Controls & Major Losses

- Auditor reported inadequate internal financial controls as of March 31, 2020.

- Loss from discontinued operations: ₹200.58M for FY20 (vs. ₹590.79M loss previous year).

- Total comprehensive loss: ₹210.38M; basic/diluted EPS: -₹3.66.

- Total assets: ₹1,494.14M (down from ₹1,518.51M); total liabilities: ₹5,335.48M.

- Negative equity: -₹4,510.84M.

- Contingent liabilities: ~₹15.34B (disputes over taxes, statutory dues).

- Legal proceedings include winding-up order set aside by Bombay High Court and ongoing IBC cases.

- Operations suspended since December 29, 2012; no turnover for FY20.

- Stock (BSE: 500720) suspended from trading since March 21, 2013.

- Defaulted on bank dues totaling ₹146 crores; OTS of ₹165 crores approved in 2019.

- Undisputed statutory dues overdue >6 months: ~₹3605.34 lakhs.

- 90.91% of paid-up capital dematerialized (49,883,813 shares).

- No employees; plants non-operational and under sale process.

- Net worth negative at ₹(39,621.20) lakhs; total income ₹2,005.83 lakhs (vs. ₹5,907.86 lakhs previous year).

- Land disposal: 170.18 acres sold in Chennai; 40.96 acres pending sale.

- One-time settlement of ₹243.45 crores paid to lenders in March 2025.

- Unclaimed public deposits: ₹13.24 lakhs from 57 depositors as of March 31, 2020.