Future Enterprises (FEL), a part of the beleaguered Future Group, said on Thursday it defaulted on an interest payment of Rs 6.15 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 29, 2022. The interest payment was due for 365 days between June 29, 2021, and June 28, 2022, for a principal amount of Rs 60 crore, the company said in a regulatory update.
his is the latest in the series of defaults on NCD interest payment by FEL. Earlier on June 25, FEL said it defaulted on an interest payment of Rs 4.10 crore due on NCDs. Prior to this on June 22, the company said it defaulted on an interest payment of Rs 85.71 lakh, and before that the firm missed interest payment of Rs 6.07 crore due on NCDs.
Earlier on June 8, FEL said it defaulted on an interest payment of Rs 1.42 crore due on NCDs for a principal amount of Rs 29 crore, and before that on May 18, it defaulted on an interest payment of Rs 1.06 crore. Previously on May 14, FEL failed to make an interest payment of Rs 8.94 lakh due on NCDs.
In May, Future Consumer, another group company, also said it defaulted on payment of principal and interest amount of Rs 6.4 crore due on unlisted debt securities.