Future Consumer defaults on debt repayment

New Delhi:Future Group firm Future Consumer Ltd (FCL) on Monday said it has defaulted on payment of principal redemption and interest on non-convertible debentures.

The current default amount includes principal of Rs 20 crore and interest of Rs 2.03 crore, payable annually, it said.

In a regulatory filing, the company said it has been unable to service its obligations towards payment of principal redemption and interest due on September 5, 2020.

“The company has approached the debenture trustees seeking deferment of the said obligations such that 50 per cent of the amount due shall be paid on or before September 30, 2020 and the balance 50 per cent to be paid by December 31, 2020,” it said.

FCL further said, “The debenture trustees having approached few of the debenture holders to obtain their consent to the aforesaid proposal for deferment, and in order to have clarity on the same, have called for a meeting of the debenture holders on September 9, 2020.”

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