Future Group arm defaults on payment of interest on NCDs
FEL develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of Future Group’s retail business.
- Mar 16, 2022,
- Updated Mar 16, 2022 10:47 AM IST
Future Enterprises Ltd. (FEL), part of the beleaguered Future Group, has defaulted on the payment of interest due on non-convertible debentures (NCDs). The payment was due on March 14, 2022. The interest payable stood at Rs. 9.91 crore for a period of 367 days (From March 12, 2021, to March 13, 2022).
The company is unable to service its obligations in respect of the interest on NCDs due on March 14, 2021, Future Enterprises said in a regulatory filing late on Tuesday.
The gross principal amount on which the default has occurred is Rs 104 crore.
FEL develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of Future Group’s retail business.
Meanwhile, US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with Future Group to resolve the dispute over Future Retail’s merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over.
A Bench headed by Chief Justice NV Ramana, on March 3, had acceded to Amazon’s request and granted 10 days to it for exploring the possibility of resolving the dispute through dialogue with Future Group.
Future Enterprises Ltd. (FEL), part of the beleaguered Future Group, has defaulted on the payment of interest due on non-convertible debentures (NCDs). The payment was due on March 14, 2022. The interest payable stood at Rs. 9.91 crore for a period of 367 days (From March 12, 2021, to March 13, 2022).
The company is unable to service its obligations in respect of the interest on NCDs due on March 14, 2021, Future Enterprises said in a regulatory filing late on Tuesday.
The gross principal amount on which the default has occurred is Rs 104 crore.
FEL develops, owns and leases retail infrastructure for the Future Group. It also handles backend operations of Future Group’s retail business.
Meanwhile, US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with Future Group to resolve the dispute over Future Retail’s merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over.
A Bench headed by Chief Justice NV Ramana, on March 3, had acceded to Amazon’s request and granted 10 days to it for exploring the possibility of resolving the dispute through dialogue with Future Group.