Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of ₹12.75 crore on two non-convertible debentures (NCDs).
The due date for payment was February 16, 2023, FEL stated in a regulatory submitting.
“The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on February 16, 2023,” it stated.
The debentures have a coupon fee of 9.60% for each collection.
The Gross Principal quantity on which the default has occurred is ₹265 crore, which is ₹106 crore for Series XVI – A and ₹159 crore for Series XVI – B fund.
FEL had not too long ago defaulted on payment of interest on a number of non-convertible debentures.
The debt-ridden Future group has been going through three petitions filed by its operational collectors earlier than the National Company Law Tribunal (NCLT) to provoke insolvency proceedings in opposition to the corporate.
Lenders of FEL have additionally appointed an auditor for conducting a forensic audit of the agency.
It is engaged within the enterprise of producing, buying and selling, leasing of property and logistics companies. It used to develop, personal and lease the retail infrastructure for the Future Group.
FEL additionally holds the group’s investments in subsidiaries and joint ventures together with in sectors like insurance coverage, textile manufacturing, provide chain and logistics.
Another group agency Future Lifestyle Fashions Ltd. (FLFL) knowledgeable bourses that its Managing Director Vishnuprasad M has tendered his resignation.
Both corporations have been a part of the 19 group corporations working within the retail, wholesale, logistic and warehousing segments, which have been purported to be transferred to Reliance Retail as a part of a ₹24,713-crore deal introduced in August 2020.
The deal was referred to as off by Reliance Industries in April after it didn’t get lenders’ assist.
