Debt-ridden Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on interest payment of ₹6.07 crore for non-convertible debentures.
The due date for payment was December 19, 2022, it said in a regulatory filing.
"The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures due on December 19, 2022," it said.
The debentures have a coupon rate of 10.15 per cent per annum.
FEL has defaulted on interest payments for the period from June 20, 2022, to December 18, 2022.
The total amount of securities issued was ₹120 crore and the default has occurred on this gross principal amount.
Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. In recent times, the company has defaulted on payment of interest on several non-convertible debentures.
It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future group.