Page 2 - Future Enterprises

Future Enterprises sells 25% stake in joint venture insurance firm

Future Enterprises has defaulted on repayment of Rs 2,911.51 crore of loans to lenders

Future Enterprises defaults on Rs 2,911.51 cr loan repayments

Future Enterprise Ltd (FEL) has defaulted on repayment of Rs 2,911.51 crore of loans to its lenders, missing 30 days of review period. The company was required to pay an aggregate amount of Rs 2,911.51 crore between March 23 and March 31, 2022, to various consortium banks and lenders, a regulatory filing said. The Kishore Biyani-led Future group had a review period of 30 days as per the scheme of One Time Restructuring (OTR) for COVID-hit companies with its consortium of banks. "The Company was unable to discharge the above Obligations to Banks / Lenders under the review period of 30 days, as the Company was not able to complete the monetisation of the specified investments as contemplated in OTR Plan (as defined the said Agreement), on Due Dates," said a regulatory filing from FEL. The filing showed that it defaulted on payments on March 31. FEL's total financial Indebtedness of the listed entity including short-term and long-term debt is Rs 6,778.29 crore, the filing added. Ear

Future Enterprises defaults on Rs 29.33 cr interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on payment of Rs 29.33 crore as interest on non-convertible debentures (NCDs). The due date for payment was April 18, 2022, it said in a regulatory filing. This is the third default by the Kishore Biyani-led Future group firm this month. On April 12, FEL had informed the exchanges about default on payment of Rs 9.10 crore interest on NCDs and Rs 1.22 crore on April 15. The latest default is on the interest of securities issued for a sum of Rs 300 crore. FEL has defaulted on interest for the period between April 17, 2021 to April 17, 2022, it said. The debentures are secured and have a coupon rate of 9.75 per cent per annum. Earlier this month, FEL had announced a default of Rs 2,835.65 crore towards its consortium of banks. The due date was March 31, 2022. FEL has defaulted on several payments in the last two months. In March, it had defaulted twice -- for Rs 19.16 crore and Rs 93.99 crore owed to banks.

Future Enterprises defaults on Rs 1.22 cr interest payment for NCDs

The latest default is on the interest of securities issued for a sum of Rs 25 crore.

Top headlines: Telcos slam Trai, Rs 1,900 cr deficit may hit infra projects

Business Standard brings you top headlines on Wednesday

Future Enterprises defaults on Rs 9.10 cr interest payment for NCDs

FEL has defaulted interest for the period between October 11, 2021, to April 10, 2022, a regulatory filing from the Future group firm said

Two independent directors of debt-ridden Future Enterprises resign

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

Top Headlines: Tax collections at Rs 13 trn; PSBs stare at Rs 13k crore-hit

In FY22, direct tax collections broke all records, touching Rs 13,81 trillion. Future Retail and Future Enterprises defaulted on loan repayments worth Rs 8,157.97 crore. More in our top headlines:

Future Enterprises defaults on Rs 2,835-crore loan repayment

Debt-ridden Future Enterprises Ltd (FEL) on Friday said it has defaulted on payment of Rs 2,835.65 crore to various banks and lenders.

Future Enterprises risks turning NPA by next quarter, say banking experts

FEL, which defaulted on payments to lenders and debenture holders in the last week of March, has a 30 day-curation period

Future Enterprises defaults on Rs 19.16-crore loan repayment

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

Future Enterprises defaults on Rs 93.99 cr payment to PNB and Canara Bank

Future Enterprises Ltd on Thursday said it has defaulted on payment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the one-time restructuring (OTR) plan.

Stocks to Watch: Zomato, Eicher Motors, IndiGo, HDFC Bank, Dhani Services

Auto stocks too could be in limelight as the government shortlisted 75 firms under its PLI scheme for the sector.

Sebi slaps Rs 5 lakh penalty on Future Enterprises over disclosure norms

Regulators order says it was not possible to quantify amount of disproportionate gain or unfair advantage or loss to investors due to firm's failure to make timely disclosures

Bombay HC allows Future Enterprises to sell stake in insurance JV

A local court in Mumbai, following objections raised by some bold holders of Future companies, had last month put on hold the plan of the cash-starved Future Enterprises to sell 25% of its stake

Future Enterprises to hold meetings with shareholders, creditors in April

Move follows NCLT nod to Future Group firms to seek approval of scheme that allows Future Group to sell its retail, logistics and warehousing businesses to RIL

Mumbai court restrains Future Enterprises from selling stake in Generali JV

IDBI Trusteeship went to court as it was representing certain foreign bondholders who subscribed to Future companies that had defaulted

Future Enterprises agrees to sell 25% stake in insurance JV to Generali

Generali has also acquired an option to buy out the company's remaining interest in FGIICL, directly or through a nominee, at an agreed valuation subject to applicable regulatory approvals.

Future to sell 25% stake in insurance JV to Generali for Rs 1,253 cr

International company has the option to acquire the remaining interest of the debt-ridden Indian group in the general insurance business.

SC reserves verdict on Amazon's pleas against Future-Reliance deal

The Supreme Court Thursday reserved verdict on the pleas of e-commerce giant Amazon against the Rs 24,713 crore deal for merger of Future Retail Ltd (FRL) with Reliance Retail