Highlights

  • This is the second default by FEL this month

  • Due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.

Latest news

IPL 2022 playoffs schedule, updated points table, orange and purple cap holders

IPL 2022 playoffs schedule, updated points table, orange and purple cap holders

IPL 2022, RR vs CSK: Rajasthan beat Chennai by 5 wickets; RR confirms the 2nd spot on the points table

IPL 2022, RR vs CSK: Rajasthan beat Chennai by 5 wickets; RR confirms the 2nd spot on the points table

Monkeypox reaches Germany, France, Belgium; WHO calls for emergency meet

Monkeypox reaches Germany, France, Belgium; WHO calls for emergency meet

Devastating floods in Assam affects over 7 lakh; rain warning for Kerala, Bengaluru

Devastating floods in Assam affects over 7 lakh; rain warning for Kerala, Bengaluru

IPL 2022: It's confirmed, MS Dhoni to return next season to lead Chennai Super Kings

IPL 2022: It's confirmed, MS Dhoni to return next season to lead Chennai Super Kings

Biyani backed Future Enterprises defaults on loan repayment

The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing

Future Enterprises Ltd (FEL) has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.

This is the second default by FEL this month.

The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.

"The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said.

On March 25, the Future Group firm had informed about defaulting on repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The deadline for the repayment was March 23.

The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January under the OTR plan.

FEL is a part of Rs 24,713 crore deal announced by the Future Group in August 2020, under which it is to sell 19 companies operating in retail, wholesale, logistics and warehousing assets to Reliance Retail.

Read/Watch Also: Name calling begins between Amazon, Biyani

All 19 companies would be consolidated into one entity -- FEL -- and then transferred to Reliance.

In April, Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022 to seek their approval for the Rs 24,713 crore deal

Up Next

Biyani backed Future Enterprises defaults on loan repayment

Biyani backed Future Enterprises defaults on loan repayment

Markets at close: Not a week for the weak hearted!

Markets at close: Not a week for the weak hearted!

'Prepare for the Worst' Silicon Valley kingmaker warns startups

'Prepare for the Worst' Silicon Valley kingmaker warns startups

Markets at close: Terrible Thursday, biggest single-day fall in 2 months

Markets at close: Terrible Thursday, biggest single-day fall in 2 months

Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&P a scam

Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&P a scam

Markets crack: Sensex sinks 1000 points, Nifty below 16000

Markets crack: Sensex sinks 1000 points, Nifty below 16000

More videos

Markets crash: Inflation, rate hike hits tech and retailers big time

Markets crash: Inflation, rate hike hits tech and retailers big time

LIC IPO Muted Debut: Here is what Macquarie makes of the stock

LIC IPO Muted Debut: Here is what Macquarie makes of the stock

LIC IPO Listing: Debut at discount but gains traction

LIC IPO Listing: Debut at discount but gains traction

Gautam Adani's wealth went up by Rs 300 cr everyday this year! This is what all he owns

Gautam Adani's wealth went up by Rs 300 cr everyday this year! This is what all he owns

Ambuja and ACC shareholders - this is what the Adani acquisition means for you

Ambuja and ACC shareholders - this is what the Adani acquisition means for you

Adani to acquire Ambuja Cement and ACC from Holcim

Adani to acquire Ambuja Cement and ACC from Holcim

Inflation Shocks! CPI at the highest level since 2014, clocks in at 7.79%

Inflation Shocks! CPI at the highest level since 2014, clocks in at 7.79%

Tech takedown: Apple is no longer the world’s most valuable company

Tech takedown: Apple is no longer the world’s most valuable company

Supreme Court refuses stay on LIC IPO, Issues notice to centre

Supreme Court refuses stay on LIC IPO, Issues notice to centre

Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth

Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.