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For the fourth time in three months, Future Enterprises Limited has defaulted on interest payment on Non-Convertible Debentures due on April 12.
The principal amount of the NCD was ₹300 crore and the interest due amounting to ₹15,16,48.248.
FEL has been under financial stress post the pandemic. In addition, it has been in a legal tussle with e-commerce giant Amazon over a sale of assets of Future Retail to Mukesh Ambani-owned Reliance Retail.
This first default of 2021 was in February followed by two in March. As of December 2020, FEL has reported a net loss of ₹279 crore compared to a loss of ₹257.88 crore the quarter that ended in September 2020.
Meanwhile, Amazon has filed a special leave petition before the Supreme Court of India against the captioned order dated March 22, 2021 passed by the Division Bench of the High Court of Delhi.
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