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    Future Enterprises defaults on debt repayment

    Synopsis

    The company is unable to service its obligations in respect of the payment of commercial paper after its maturity and the gross principal amount on which the default has occurred on September 14, 2020, is Rs 90 crore

    Agencies
    FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group.

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    NEW DELHI: Future Enterprises Ltd (FEL) on Friday said it has defaulted on debt repayment towards commercial paper.

    The company is unable to service its obligations in respect of the payment of commercial paper after its maturity and the gross principal amount on which the default has occurred on September 14, 2020, is Rs 90 crore, it said.

    "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.

    FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group.

    On August 29, 2020, the Future Group had announced to sell the retail and wholesale business to Reliance Retail.

    Earlier, it had announced to merge key group companies including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL.
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    4 Comments on this Story

    Mohana D G36 days ago
    They are big defaulters and they aren't making any payments to suppliers and service providers. The vendors or partners money they are running the show.. they aren't even adhering the MSME terms. Not sure where governments bodys monitoring MSME conditions. As per Gov't it should be done within 45days but even after 500days they're not making payments..
    chandra sekaran36 days ago
    Before adding comment we should see how he was? And how he is default is natural. They said their delay in filing is they attemt to avoid defaut. This is admirable. Not a WILFUL defaulter
    Suresh Kamath36 days ago
    Such WILLFUL Defaulters MUST be JAILED for LIFE and their ASSETS be SOLD to recover the LOAN and the Promoters and their FAMILY made to EKE out their Living to experience the hardship of those who LOST their SAVINGS due to such lax attitude and being self centered to AMASS Wealth for themselves at the Cost of INVESTORS and NOT doing Business and resting on their LAURELS earned a decade ago and NEVER changing the Strategy to CHANGE with the Times and NOW not paying out to the RIGHTFUL Creditors in spite of the Funds is a GREAT CRIME against the Society and these MUST be JAILED for LIFE immediately
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