Debt-ridden Future Enterprises Ltd (FEL) couldn’t pay its debt on interest payment of Rs 4.10 crore for its non-convertible debentures(NCDs).The date of the payment was the 24th of June 2022, FEL said in a regulatory filing. The Company is unable to fulfil its debts in respect of the interest on Non-Convertible Debentures, which was due on June 24, 2022," it said. This is the fourth time in June, that the group led by kishore Biyani ,failed to fulfil its obligations.
The Future Group, earlier the week couldn't pay the debt, twice, Rs 85.71 lakh and Rs 6.07 crore for its non-convertible debentures. Future Enterprise Ltd had made another default on the payment of interest of Rs 1.41 crore, this month. The latest default is on the interest of securities issued for a sum of Rs 40 crore.
FEL has failed to pay the debt, I.e the interest payment for the period between June 24, 2021, to June 23, 2022, it said. The debentures of the enterprise are secured and have a coupon rate of 10.25 per cent per annum.
Future Enterprise Ltd in April informed the exchanges about the insolvency of Rs 2,835.65 cr towards its consortium of banks. Its payable date was March 31, 2022.
Future Enterprise limited was a part of the 19 group companies operating in retail, wholesale, logistics 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. But the project didn't go as planned and the deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April.
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