Future Consumer has informed that Company is presently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016. During the CIRP period, the affairs of the Company are being conducted in accordance with the provisions of the Code and under the supervision of the Resolution Professional. The Financial Results for the aforesaid period could not be finalised and submitted within the prescribed timeline as the statutory audit of the Company's financial statements has not yet been completed. The audit has been delayed primarily due to the outstanding professional fees payable to the statutory auditors for the audit services undertaken/provided to the Company. Owing to the financial constraints and cash-flow restrictions faced by the Company during the CIRP, the outstanding dues of the auditors could not be settled within the requisite time. Consequently, the statutory audit could not be completed, and the audited Financial Results could not be finalised and placed before the appropriate authority for approval. The Company/Resolution Professional is taking necessary steps to resolve the outstanding audit-related issues and facilitate completion of the statutory audit at the earliest possible opportunity. Upon completion of the audit and finalisation/approval of the Financial Results, the same shall be submitted to the Stock Exchange(s) without any further delay, in accordance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The above information is a part of company’s filings submitted to BSE.
