Future Enterprises defaults on interest payment

Future Enterprises (FEL), a part of the beleaguered Future Group, said on Thursday it defaulted on an interest payment of Rs 6.15 crore due on Non-Convertible Debentures (NCDs).

The company is unable to service its obligations in respect of the interest on NCDs due on June 29, 2022. The interest payment was due for 365 days between June 29, 2021, and June 28, 2022, for a principal amount of Rs 60 crore, the company said in a regulatory update.