Future Enterprises (FEL), a part of the beleaguered Future Group, on Tuesday said it defaulted on an interest payment of Rs 1.42 crore due on Non-Convertible Debentures (NCDs).
The company is unable to service its obligations in respect of the interest on NCDs due on June 6, 2022. The interest payment was due for 182 days between December 6, 2021, and June 5, 2022, for a principal amount of Rs 29 crore, it said in a regulatory update.
There has been a series of payment defaults on NCDs by FEL in the recent past. Earlier on May 18, FEL said it defaulted on an interest payment of Rs 1.06 crore due on NCDs. The interest payment was due for 182 days for a principal amount of Rs 23 crore. Prior to this on May 14, FEL said it failed to make an interest payment of Rs 8.94 lakh due on NCDs.
Previously on May 10, FEL said it had failed to make interest payment of Rs 2.28 crore due on NCDs, and in March, it defaulted on the payment of Rs 9.91 crore interest and previously in April it had defaulted on interest payment on Rs 15.95 crore NCDs.
Similarly in May, Future Consumer, another group company, said it defaulted on payment of principal and interest amount of Rs 6.4 crore due on unlisted debt securities.
