In a regulatory filing to stock exchanges, Future Group firm Future Retail (FRL) said that it ‘shall defend the matter/proceedings through its legal counsels’.
Even as the beleaguered Future Group remains embroiled in a legal tussle with Amazon over the sale of assets, one of its group companies Future Consumer on Tuesday reported a default.
The company said in a regulatory filing it has been unable to service its obligations due on February 15, 2021, which include a principal redemption of Rs 11.76 crore and and interest on non-convertible debentures (NCDs) of Rs 5.58 crore. The company also mentioned that an interest obligation of Rs 13.89 crore, due on NCDs upto November 15, 2020, remains unpaid. Future Consumer had issued debt securities — NCDs with a tenure of seven years — worth Rs 200 crore. The company is now indebted to the tune of Rs 526 crore as on January 31.
Amazon had earlier approached the Supreme Court against a Delhi High Court order that vacated the status quo on Future Group’s proposed Rs 24,713-crore deal with Reliance Industries. In a regulatory filing to stock exchanges, Future Group firm Future Retail (FRL) said that it ‘shall defend the matter/proceedings through its legal counsels’.
Amazon and Future Group are locked in a legal tussle after the US e-commerce giant dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC).
The scheme of arrangement for the Future-Reliance deal has already received approval from the competition commission of India (CCI) and market regulator Securities and Exchange Board of India (Sebi). The National Company Law Tribunal (NCLT), Mumbai is yet to approve the deal. In August last year, Future Group had entered into a Rs 24,713-crore deal with RIL to sell its retail, wholesale, logistics and warehousing units.