Future Enterprises Ltd (FEL) has defaulted on fee of curiosity on non-convertible debentures (NCDs).
The corporate is unable to service its obligations in respect of the curiosity on NCDs due on April 12, 2021, Future Enterprises stated in a regulatory submitting late on Tuesday night time.
Gross principal quantity on which the default has occurred is Rs 300 crore and curiosity payable was Rs 15,16,48,248.
FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail enterprise of the Future Group.
Amazon and Future Group are locked in a authorized tussle over the sale of Future Group’s retail and wholesale enterprise to Reliance Retail. Each events have approached a number of authorized boards.
On August 29, 2020, Future Group had introduced that its retail and wholesale enterprise can be offered to Reliance Retail, owned by oil-to-chemical conglomerate RIL, in a Rs 24,713 crore-deal.