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NEW DELHI: Future Enterprises Ltd (FEL) on Tuesday mentioned it has defaulted on cost of Rs 19.16 crore to Punjab Nationwide Financial institution, Canara Financial institution and Union Financial institution of India underneath the one-time restructuring plan.
That is the second default by FEL this month.
The due date for cost of Rs 19.16 crore was March 28, FEL mentioned in a regulatory submitting.
“The corporate was not in a position to discharge the aforesaid obligations to respective banks/lenders, on due date,” it mentioned.
Nevertheless, FEL mentioned it had a evaluation interval of 30 days from the due date when it comes to the RBI round dated August 6, 2020, and additional when it comes to provision of the settlement to make cost of the quantity.
On March 25, the Future Group agency had knowledgeable about defaulting on compensation of Rs 93.99 crore to Punjab Nationwide Financial institution and Canara Financial institution underneath the OTR (One Time Restructuring Plan). The deadline for the compensation was March 23.
A number of Future Group firms, together with FEL, have entered into agreements with their respective lenders when it comes to the RBI round dated August 6, 2020, through which a decision framework for Covid-related stress was introduced.
The group’s main firm Future Retail Ltd defaulted on cost of Rs 3,494.56 crore to banks in January underneath the OTR plan.
FEL is part of Rs 24,713 crore deal introduced by the Future Group in August 2020, underneath which it’s to promote 19 firms working in retail, wholesale, logistics and warehousing belongings to Reliance Retail.
All 19 firms can be consolidated into one entity — FEL — after which transferred to Reliance.
In April, Future Group firms can be conducting conferences of their respective shareholders and collectors between April 20 to April 23, 2022 to hunt their approval for the Rs 24,713 crore deal.
That is the second default by FEL this month.
The due date for cost of Rs 19.16 crore was March 28, FEL mentioned in a regulatory submitting.
“The corporate was not in a position to discharge the aforesaid obligations to respective banks/lenders, on due date,” it mentioned.
Nevertheless, FEL mentioned it had a evaluation interval of 30 days from the due date when it comes to the RBI round dated August 6, 2020, and additional when it comes to provision of the settlement to make cost of the quantity.
On March 25, the Future Group agency had knowledgeable about defaulting on compensation of Rs 93.99 crore to Punjab Nationwide Financial institution and Canara Financial institution underneath the OTR (One Time Restructuring Plan). The deadline for the compensation was March 23.
A number of Future Group firms, together with FEL, have entered into agreements with their respective lenders when it comes to the RBI round dated August 6, 2020, through which a decision framework for Covid-related stress was introduced.
The group’s main firm Future Retail Ltd defaulted on cost of Rs 3,494.56 crore to banks in January underneath the OTR plan.
FEL is part of Rs 24,713 crore deal introduced by the Future Group in August 2020, underneath which it’s to promote 19 firms working in retail, wholesale, logistics and warehousing belongings to Reliance Retail.
All 19 firms can be consolidated into one entity — FEL — after which transferred to Reliance.
In April, Future Group firms can be conducting conferences of their respective shareholders and collectors between April 20 to April 23, 2022 to hunt their approval for the Rs 24,713 crore deal.
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