Future Enterprises

Future Enterprises admitted for insolvency, NCLT appoints interim RP

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore

Future Enterprises defaults on Rs 12.75-crore interest payment on NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs). The due date for payment was February 16, 2023, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on February 16, 2023," it said. The debentures have a coupon rate of 9.60 per cent for both series. The Gross Principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund. FEL had recently defaulted on payment of interest on several non-convertible debentures. The debt-ridden Future group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. It is engaged

Future Enterprises defaults on Rs 86.18 lakh interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures. The due date for payment was December 21, 2022, it said in a regulatory filing. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures... due on December 21, 2022," it said. The debentures have a coupon rate of 9.55 per cent per annum. FEL has defaulted on interest payments for the period from June 21, 2022, to December 20, 2022. The total amount of securities issued was Rs 18 crore. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. In recent times, the company has defaulted on payment of interest on several non-convertible debentures. It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future Group.

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Future Enterprises defaults on Rs 1.07 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on payment of interest on non-convertible debentures of Rs 1.07 crore. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022," it said in a regulatory filing. The debentures have a coupon rate of 9.28 per cent and FEL has defaulted on interest payments for the period from May 17, 2022, to November 15, 2022. The total amount of securities issued was Rs 23 crore and a default has occurred on this gross principal amount. The debt-ridden Future Group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several Non-Convertible Debentures (NCDs). It is engaged in the busines

Future Enterprises defaults on principal amount of Rs 126.13 cr in Sep

Debt-ridden Future Enterprises has defaulted on a principal amount of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for NCDs and Rs 27.78 crore to banks, under a one-time restructuring (OTR) scheme. Future Enterprises Ltd (FEL) had entered into the OTR scheme for COVID-hit companies with its consortium of banks and lenders on October 27, 2020, as per the RBI guidelines. The due date for payment of the principal amount of Rs 126.13 crore to various banks and lenders, who were part of OTR scheme, was on September 30, 2022. "The company was not able to discharge the aforesaid obligations to banks and lenders, on the Due Date," FEL said in a regulatory filing on Saturday. FEL has missed a deadline for payment of the principal amount of 12 non-convertible debentures (NCDs) totalling Rs 98.35 crore. These NCDs had Coupon Rates ranging between 9.25 per cent to 10.50 per cent. It has defaulted on principal repayment of a term loan of Rs 15.76 crore from

Future Enterprises receives three months extension for holding AGM

Future Enterprises has received a three-month extension from the Registrar of Companies for holding its annual general meeting, a regulatory filing by the debt-ridden firm said. The Registrar of Companies, Mumbai, through a letter dated September 21, 2022, has accorded its approval to the company granting an extension for three months for holding the AGM of the company before December 31, 2022. "Accordingly, the aforesaid AGM of the Company would be held within the extended timeline," said FEL in late night filing on Wednesday. Earlier this month, another Future group firm - Future Lifestyle Fashions - had got a three-month extension for conducting its AGM. Section 96 of the Companies Act, 2013, mandates a company to hold AGM every year, within six months from the date of closing of the financial year. Moreover, there should not be a gap of more than 15 months between the two AGMs. However, the section also empowers RoC to extend by a period not exceeding three months, upon ...

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Future Enterprises defaults on Rs 15.73 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Wednesday said it has defaulted on payment of interest on non-convertible debentures totalling Rs 15.73 crore. The due date for payment was September 20, 2022, said a regulatory filing from FEL. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures...," it said. The debentures are secured and have a coupon rate of 9.60 per cent per annum. FEL has defaulted on interest payment for the period March 21, 2022, to September 19, 2022. The total amount of securities issued was Rs 352 crore and the gross principal amount on which the default has occurred is Rs 327 crore. The debt-ridden Future group is facing two petitions filed by its creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on se

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Debt-ridden Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The latest petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). "The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore," Future Enterprises said in a late evening filing on Tuesday. No further date has been allotted so far for hearing the said application, it added. Last week, another operational creditor, Foresight Innovations, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, for an alleged default amount of Rs 1.58 crore before the Mumbai bench of NCLT. The next da

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Stocks to watch today: L&T commissioned a new green hydrogen plant at Hazira in Gujarat; Future Enterprises defaults on payments of interest of two non-convertible debentures (NCDs) of Rs 12.6 crore.

Future Enterprises defaults on Rs 12.68 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) said it has defaulted on payments of interest of two non-convertible debentures totalling Rs 12.68 crore. The due date for payment was August 17, 2022, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on August 17, 2022," it said on Thursday. The debentures are secured with a coupon rate of 9.60 per cent per annum. The interest amount was payable for the period between February 16 and August 17, 2022, it said. The amount of securities issued was Rs 106 crore and Rs 159 crore, totalling Rs 265 crore. Earlier this week FEL informed exchanges that an operational creditor of the company has filed a plea before the National Company Law Tribunal to initiate insolvency proceedings against the firm. The Future group firm has missed the interest payment of several NCDs in the last three months. FEL was part of the 19 Future group companies operat

Future Ent to quantify receivables from FRL and submit claims before IRP

The National Company Law Tribunal on Wednesday ordered insolvency resolution proceedings against Future Retail

Sensex falls 111 pts, Nifty holds 15,750; RIL sinks 7%, MRPL 10%

Benchmark indices swung wildly in trade on Friday after the government's move to tax oil refiners' windfall gain amid soaring crude oil prices hurt index heavyweight Reliance Industries' stock

Future Enterprises defaults on Rs 6.15 cr interest payment for NCDs

The due date for payment was June 29, 2022, FEL said in a regulatory filing on Thursday

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Future Enterprises defaults on Rs 4.10 crore interest payment for NCDs

Earlier this week, FEL defaulted twice on interest payments of Rs 85.71 lakh and Rs 6.07 crore for its non-convertible debentures.

Future Enterprises defaults on Rs 1.41 cr interest payment for NCDs

The latest default is on the interest of securities issued for a sum of Rs 29 crore

Future Enterprises to raise Rs 3,000 cr via insurance biz sale to pare debt

Earlier on Thursday, Future Enterprises Ltd completed the sale of its 25 per cent equity in Future Generali India Insurance Company Ltd (FGIICL) to joint venture partner Generali for Rs 1,266.07 crore