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- Kishore Biyani | Future Retail Defaults On Non Convertible Debentures (NCDs) Payment Amid Reliance Deal
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MumbaiOne hour ago
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Kishore Biyani’s Future Group’s troubles are not diminishing. On one hand, the world’s largest e-commerce company continues to compete with Amazon, on the other hand the group’s company Future Consumer has defaulted.
Company defaulted in payment
The company said in a regulatory filing that it has defaulted in paying non-convertible debentures (NCDs) to investors. The company did not pay the principal amount of Rs 11.76 crore as well as its interest to the investors on February 15, which is about Rs 5.58 crore. The company has to pay a total of about Rs 13.89 crore as interest, which has been outstanding since 15 November 2020.
526 crore rupees to be paid
The company issued NCDs for a period of seven years, raising Rs 200 crore. Now if investors want to withdraw their money, then the company has given up. Because he has to pay about 526 crore rupees. Business sluggishness is the main reason for the default. Apart from this, the dispute with Amazon has also created many problems for the company.
Amazon angry over future-reliance deal
A deal worth Rs 24,713 crore has been signed between Future Group and Reliance Industries, which was signed in August last year. But Amazon went from the Supreme Court to the Singapore International Arbitration Center (SIAC) to block the deal. The matter is currently in the Supreme Court. However the Competition Commission of India (CCI) had already approved the deal.
