Future Enterprises (FEL), a part of Crisis Future Group, said on Saturday that it had failed to pay interest of Rs 8.94 lakh on non-convertible debentures (NCDs).
The company was unable to meet its obligations under the NCD on May 13, 2022 in terms of principal and interest. The interest was paid for 178 days between November 16, 2021 and May 12, 2022, with a principal amount of Rs. 2 crore, it said in a regulatory update.
Earlier on May 10, FEL had said that it had failed to pay interest of Rs 2.28 crore due on NCDs. Interest was paid for a total principal amount of Rs 50 crore. Earlier in March, FEL had defaulted on interest payments of Rs 9.91 crore and earlier in April it had defaulted on interest payments of Rs 15.95 crore at NCD.
FEL develops, owns and leases retail infrastructure and manages the back-end operations of Future Group’s retail business.
In December 2020, FEL revealed that it planned to use the considerations derived from the Rs 24,713 crore contract with Reliance Industries for NCD’s pre-payment. Future Group entered into an agreement with RIL to sell its retail, wholesale, logistics and warehousing units to RIL, which was later canceled after the group failed to confirm the approval of shareholders and lenders.