Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs)
Says it has no locus standi in Future's plea to hold shareholder meeting; reserves order
Future Enterprises on Friday reported a consolidated net loss of Rs 294.95 crore for the third quarter ended December 31
This week, the Delhi High Court directed Biyani's flagship company to maintain the status quo on its Rs 24,713-crore deal to sell his business to Reliance
Earlier, Future Retail Limited lawyer had argued that the retail firm may go bust and thousands may lose jobs if the Future-Reliance deal does not go through
Under Bezos's leadership, Amazon identified India as a strategic market as early as 2013
In its petition, Amazon is said to have sought imprisonment of Future group promoters including Kishore Biyani for alleged violation of securities market rules
The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August
FEL, which is having financial troubles, had last week also informed default on interest payment of another non-convertible debenture
Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on interest payments of Rs 15.86 crore for its non-convertible debentures.
"The delay in reporting is due to efforts being made by the company to make payment by mobilising certain funds to make payment and then submit report of having repaid with delay," FEL said
Its total expenses were at Rs 639.27 crore as against Rs 1,440.93 crore, down 55.63 per cent
All that happened in the markets today
Future would be one of the top contract manufacturers in FMCG, fashion space but with wafer-thin margin
The financial instruments of Future group have gone through multiple rating downgrades in recent months due to the delay in payments
Gets scale, massive presence, higher valuation of its retail business, and inherits the entire logistics and distribution chain
Company's board to meet today on sale of retail arms to RIL
Other Future Group companies' stock also rallied on the development, with Future Retail surging 7 per cent
A source said the board would also look at the proposal to merge three other listed entities of the Future group with FEL