Future Enterprises Defaults On Rs 15.73 Crore Interest Payment For NCDs

Published date: .

Business Standard

Topics

Future Enterprises

Press Trust of India  |  New Delhi 



Debt-ridden Ltd (FEL) on Wednesday said it has defaulted on payment of interest on non-convertible debentures totalling Rs 15.73 crore. The due date for payment was September 20, 2022, said a regulatory filing from FEL.

"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures...," it said.

The debentures are secured and have a coupon rate of 9.60 per cent per annum. FEL has defaulted on interest payment for the period March 21, 2022, to September 19, 2022. The total amount of securities issued was Rs 352 crore and the gross principal amount on which the default has occurred is Rs 327 crore.

The debt-ridden Future group is facing two petitions filed by its creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company.

Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several non-convertible debentures.

It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future Group.

FEL also holds the group's investments in subsidiaries and joint ventures including in sectors like insurance, textile manufacturing, supply chain and logistics. It was part of the 19 group operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

The deal was called off by Reliance Industries in April after it failed to get lenders' support.

(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

First Published: Wed, September 21 2022. 21:54 IST


\ \ \ \
';$('#story-newsss .item a').each(function(i){var atext=$(this).text();var aurl=$(this).attr('href');gethtml+='';});gethtml+='
';$("#story-news").html(gethtml);setTimeout(function(){$(".story-slider").slick({dots:false,infinite:true,prevArrow:".slick-prev",nextArrow:".slick-next",arrows:true,slidesToShow:2,slidesToScroll:2,})},500);}}});$.ajax({url:'/request-handler/get-latest-articles/catId/101/cache-control/1800',async:true,success:function(data){$("#next-prev").html(data);var owl=$("#next-prev");if(data!=''){var checkIdExists=$(".more-stories-pagination.disNone div").hasClass("latestArticleId-122092101113");if(checkIdExists){$(".latestArticleId-122092101113").remove();}else{$(".latestArticleLastId").remove();}$(".more-stories-pagination.disNone").show();}if(owl.owlCarousel){owl.owlCarousel({items:2,itemsDesktop:[980,2],itemsDesktopSmall:[900,2],itemsTablet:[360,2],itemsMobile:false});}$(".next").click(function(){owl.trigger('owl.next');});$(".prev").click(function(){owl.trigger('owl.prev');});$(".play").click(function(){owl.trigger('owl.play',1000);});$(".stop").click(function(){owl.trigger('owl.stop');});}});function unFollowColumnist(){var author_id='0';var userInfo=decodeURIComponent(getCookie('_userLoggedIn'));var isPaidUser="N";if(userInfo!=null&&userInfo!='undefined'){var userType=JSON.parse(userInfo);if(userType!=null&&userType!='undefined'&&userType.s!='undefined'&&userType.s=='t'){isPaidUser="Y";}else{isPaidUser="N";}}if(author_id!=''){if(confirm("Are you sure to unfollow this columnist!")==true){$.ajax({url:'/request-handler/article/unmap-user-columnist',type:'post',data:{'authorId':author_id,'isPaidUser':isPaidUser},success:function(msg){if(msg=='success'){location.reload();return false();}else{message='Please try again';alert(message);return false();}}});}}else{alert("Invalid columnist request!");return false();}}function followColumnist(){var author_id='0';var userInfo=decodeURIComponent(getCookie('_userLoggedIn'));var isPaidUser="N";var isLoggedIn="N";if(userInfo!=null&&userInfo!='undefined'){var userType=JSON.parse(userInfo);if(userType!=null&&userType!='undefined'&&userType.s!='undefined'&&userType.s=='t'){isPaidUser="Y";isLoggedIn="Y";}else if(userType!=null&&userType!='undefined'){isPaidUser="N";isLoggedIn="Y";}}if(isLoggedIn=="Y"){if(author_id!=''){$.ajax({url:'/request-handler/article/map-user-columnist',type:'post',data:{'authorId':author_id,'isPaidUser':isPaidUser},success:function(msg){if(msg=='success'){location.reload();return false();}else{customLogin();}}});}else{alert("Invalid columnist request!");return false();}}else if(isLoggedIn=="N"){customLogin();}}function unLockArticle(){var article_id='122092101113';var userInfo=decodeURIComponent(getCookie('_userLoggedIn'));var isPaidUser="N";if(userInfo!=null&&userInfo!='undefined'){var userType=JSON.parse(userInfo);if(userType!=null&&userType!='undefined'&&userType.s!='undefined'&&userType.s=='t'){isPaidUser="Y";}else{isPaidUser="N";}}if(article_id!=''){$.ajax({url:'/request-handler/article/unlock-article',type:'post',data:{'article_id':article_id,'isPaidUser':isPaidUser},success:function(msg){console.log(msg);if(msg=='success'){location.reload();return false();}else{$(".iframe").trigger('click');}}});}else{alert("Invalid columnist request!");return false();}}function customLogin(){var author_id='0';var articleId='122092101113';var parentUrl=window.location.href;if(parentUrl.indexOf("?")>-1){parentUrl=parentUrl.substr(0,parentUrl.indexOf("?"));}$("#sign_in").fancybox({maxWidth:600,maxHeight:580,fitToView:false,autoSize:false,closeClick:false,href:'/core/request-handler/sign-in-content?ref='+parentUrl+'&fc='+author_id+'&articleId='+articleId,openEffect:'none',closeEffect:'none'});$('.fancybox').fancybox();$("#sign_in").trigger('click');}function showhide(){var div=document.getElementById("follow");if(div.style.display!=="block"){div.style.display="block";}else{div.style.display="none";}}$(document).ready(function(){$('.articleCompanyStockInfo').hide();$('.bsNewArticleCompanyStockInfo').show();var userInfo=decodeURIComponent(getCookie('_userLoggedIn'));if(userInfo!=null&&userInfo!='undefined'){var userType=JSON.parse(userInfo);if(userType!=null&&userType!='undefined'&&userType.s!='undefined'&&userType.s=='t'){$(".article-middle-banner").css("display","none");}else{$(".article-middle-banner").css("display","block");}}else{$(".article-middle-banner").css("display","block");}});