Future Retail seeks extension of time for filing results

NEW DELHI: Future Retail Ltd on Thursday sought extension of time till July 31, 2021 to file its results for the quarter and year ended March 31, 2021.

According to the Future group firm, due to restrictions imposed by the government in the wake of COVID-19, offices of the company and its subsidiaries were closed/partially operational and it had very limited access to the documents.

In order to safeguard its employees, it has not yet completely started its key offices in Mumbai, Future Retail Ltd said in a filing to the stock exchanges.

"Presently we are working with minimum staff and trying to resolve issues to our best from alternate locations as much as possible. We are also facing various other difficulties in providing papers/ documents query raised by auditors to complete the audit procedure thoroughly," it said.

This has not only impacted its administration and regular accounting operations but also completion and closure of annual accounts and the consolidation process.

"In view of the above we request you to kindly allow us time till 31st July, 2021 to file/submit Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31st March, 2021…. ," it said.

The company shall make its best efforts to comply with the applicable regulation within the time allowed, it added.

"We further earnestly submit to condone the delay and not initiate any action in this regard since the delay is purely for reasons beyond our control," the company said.

Last year, Reliance Retail, part of Reliance Industries Ltd, had announced acquiring the retail and wholesale business and the logistics and warehousing business of the Future Group for a consideration of Rs 24,713 crore. This includes Future Retail.

The deal is contested by Amazon and final order from the Supreme Court is awaited.