Future Enterprises (FEL) has defaulted payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under OTR (One Time Restructuring Plan). The due date for payment of Rs 19.16 crore was March 28. This is the second default by FEL this month.
However, the company had a review period of 30 days from the due date in terms of the RBI circular dated August 6, 2020, and further in terms of provision of the agreement to make payment of the amount. On March 25, the Future Enterprises had defaulted repayment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the OTR (One Time Restructuring Plan). The deadline for the repayment was March 23.
Future Enterprises develops, owns and leases the retail infrastructure for the Group. The company also holds the Group’s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics.
