Three listed entities of debt-ridden Future Group Future Enterprises, Future Consumer and Future Lifestyle Fashions reported on Friday that they have defaulted on their payment obligation to their consortium of lenders under a One Time Resolution OTR plan.
In a regulatory filing, Future Lifestyle Fashions Ltd FLFL reported a default of 335.08 crore on the principal amount.
The principal amount includes Rs 3.27 crore term loan, Rs 72.25 crore for a working capital term loan, Rs 51.46 crore for funded interest term loans and Rs 208.10 crore for purchase bills discounting.
'interest due and payable on the above facilities has been paid up to June 30th, 2022'' said FLFL, the flagship fashion business of the Future Group.
FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets EBOs and multi-brand outlets MBOs of nearly a dozen apparel labels in its portfolio.
Future Enterprises Limited FEL has informed the exchanges about a default of Rs 126.13 crore on the repayment of principal amount of NCD under OTR. The due date was June 30, 2022.
The principal amount of the loan is Rs 98.35 crore and Rs 27.78 crore.
FEL had to pay an aggregate amount of Rs 126.13 crore Obligations as defined in the OTR Plan to various banks and lenders that are parties to the Agreement under the OTR Plan on June 30, 2022 due date, said FEL.
Several Future Group firms had entered into OTR plans with their consortium of banks, according to a circular issued by the RBI on August 6, 2020.
Future Consumer Ltd FCL reported a default of 17.2 crore, which includes a principal amount of 15.3 crore and interest of Rs 1.9 crore.
The total amount of outstanding borrowings of the company from banks and financial institutions is Rs 447.8 crore, said FCL, which is in the business of manufacturing, branding and distributing FMCG food and processed food products.
FEL had recently disposed of part of its investment in its general insurance joint venture for a total of Rs 1,266. 07 crore.
FEL said proceeds have been directly deposited in the Trust and Retention Account of the Company and were maintained with the Central Bank of India on May 05, 2022.
The proceeds have been allocated by the lender banks in a specified ratio as agreed between all of them.
FEL said that it is not possible for the Company to give the factual information of the recovery of principal and interest amount appropriated and present outstanding balances because of the said distribution ratio that is not communicated to the Company.
All three companies were part of the 19 group firms operating in retail, wholesale, logistics and warehousing segments that were to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.
In April, the deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd.