According to a regulatory filing, Future Enterprises Ltd (FEL) has failed on the payment of Rs 1.22 crore in interest due on non-convertible debentures (NCDs). The payment of Rs 1.22 crore in interest was due on April 13, 2022. “The company is unable to meet its obligations regarding the interest on NCDs was due on April 13, 2022,” the filing said.

This is Future Group’s second default this week. The default on the payment of Rs 9.10 crore in interest due on NCDs was reported by FEL on April 12. The most recent default is on the interest on securities worth Rs 25 crore issued. According to the regulatory filing from the Future group entity, FEL has defaulted on interest payments for the period October 13, 2021, to April 12, 2022.

Future Group had said in August 2020 that it would sell 19 companies in the retail, wholesale, logistics, and warehousing industries to Reliance Retail Ventures Ltd (RRVL) for a total of Rs 24,713 crore. All 19 companies will be merged into a single entity called FEL, which would then be transferred to Reliance Retail Ventures Ltd.