scorecardresearch
Follow Us:
Thursday, May 06, 2021

Future Enterprises defaults on payment of interest on NCDs

The company is unable to service its obligations in respect of the interest on NCDs due on April 12, 2021, Future Enterprises said in a regulatory filing late on Tuesday night.

By: PTI | New Delhi |
April 14, 2021 12:52:10 pm
FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group. (File express photo)

Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs).

The company is unable to service its obligations in respect of the interest on NCDs due on April 12, 2021, Future Enterprises said in a regulatory filing late on Tuesday night.

Gross principal amount on which the default has occurred is Rs 300 crore and interest payable was Rs 15,16,48,248.

FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group.

Amazon and Future Group are locked in a legal tussle over the sale of Future Group’s retail and wholesale business to Reliance Retail. Both parties have approached several legal forums.

On August 29, 2020, Future Group had announced that its retail and wholesale business would be sold to Reliance Retail, owned by oil-to-chemical conglomerate RIL, in a Rs 24,713 crore-deal.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement
x