Future Enterprises defaults on non-convertible debentures' interest payment

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.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel