Indebted Future Enterprises Ltd (FEL) said it had missed two interest payments totaling Rs 12.68 crore on non-convertible debentures. The payment was expected to be made by August 17, 2022, according to FEL’s regulatory filing.
According to a statement on Thursday, “the company is unable to meet its obligations regarding interest on non-convertible debentures (NCDs) due August 17, 2022.” The secured debentures have a coupon rate of 9.60% annually. He said interest was due from February 16 to August 17, 2022.
Securities worth Rs 106 crore and Rs 159 crore totaling Rs 265 crore were issued. The National Company Law Court has received a petition from an operating creditor of the company seeking to initiate insolvency proceedings against the company, FEL told the exchanges earlier this week. Over the past three months, the Future group company has failed to pay interest on a number of MNTs.
FEL was one of 19 Future Group businesses that were to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020. These businesses operate in retail, retail wholesale, logistics and warehousing. Reliance Industries Ltd., headed by billionaire Mukesh Ambani, called off the deal in April.