Companies

Future Enterprises defaults on interest payment, yet again

Our Bureau Mumbai | Updated on April 14, 2021

This is the fourth time in three months, the company has defaulted on payment

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.

Published on April 14, 2021

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