On a defaulting spree: Future Enterprises defaults on Rs 4.10-cr interest payment

This is the latest in a series of defaults on NCD interest payment by the company

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. (Representative image)

Future Enterprises Ltd (FEL), a part of the beleaguered Future Group, said on Saturday it defaulted on an interest payment of Rs 4.10 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 24, 2022. The interest payment as due for 365 days between June 24, 2021 and June 23, 2022 for a principal amount of Rs 40 crore, it said in a regulatory update.

This is the latest in the series of defaults on NCD interest payment by FEL. On June 22, the company said it defaulted on an interest payment of Rs 85.71 lakh due on Non-Convertible Debentures (NCDs). Prior to this, it defaulted on an interest payment of Rs 6.07 crore due on NCDs for a principal amount of Rs 120 crore.

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.

Similarly 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.

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