Future Enterprises

CCI clears Central Bank of India's stake acquisition in Future Generali

FEL holds direct and indirect investments in the general insurer, Future Generali India Insurance Company Limited, which is a joint venture between the company and Genera Group

Central Bank, JC Flowers ARC join race to bid for Future Enterprises

Bidders interested in two insurance joint ventures

Future Enterprises RP invite bids for insurance biz, apparel making units

The resolution professional of debt-ridden Future Enterprises Ltd (FEL) has invited Expression of Interest for the company's assets, including stakes in the insurance business and apparel manufacturing units. FEL, a flagship firm of Kishore Biyani-led Future Group, is going through the Corporate Insolvency Resolution Process (CIRP). The EoI, which has invited prospective buyers to submit interests, has divided the FEL assets into three clusters and the deadline for submission is February 27, 2024. The first cluster has FEL's 25.18 per cent stake in Future Generali India Life Insurance Company (FGILIC) and 0.51 per cent stake in Future Generali India Insurance Company (FGIIC). The cluster also includes FEL's 49.81 per cent stake in Sprint Advisory Services and Shendra Advisory Services, both a special purpose vehicle previously holding 44.88 per cent of the issued and paid-up share capital of FGILIC and FGIIC. The second cluster has FEL's 39 per cent stake in two firms --Apollo Des

Resolution professional seeks EOI for Future Enterprises, sets deadline

The Kishore Biyani-promoted company has two garment manufacturing units located at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka

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Jindal India hops in with Future Enterprises bid, submits resolution plan

Only after Reliance Retail conveys its decision to Future Enterprises' creditors about its intent to either continue or walk out of the bidding process, will the bid be opened

Lenders bet on Reliance Retail Ventures for Future Enterprises revival

Lenders say RRVL, if its offer is accepted, will get access to two insurance JVs which are currently owned by Future Enterprises with Generalli which gels with RIL's financial services business

Future Enterprises receives EOIs from Jindal, Reliance Retail, GBTL

National Company Law Tribunal had ordered an insolvency resolution process against Future Enterprises in March

Reliance Retail among three prospective buyers for Future Enterprises

Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process. The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said. Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list. The deadline for submission of resolution plans by PRAs is August 24, 2023. CIRP was initiated by the National Company Law Tribunal (NCLT) earlier this year in March over a plea moved by its operational creditors. Interestingly, RRVL is also among the final list of prospective buyers for another Future Group flagship firm, Future Retail, which is also facing CIRP. FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, ...

Future Enterprises CoC re-constituted, claims over Rs 12,265 cr admitted

Taking a step forward for debt resolution, the interim resolution professional of debt-ridden Future Enterprises Ltd (FEL) has reconstituted the Committee of Creditors and claims of more than Rs 12,265 crore have been admitted from both secured and unsecured financial creditors. The interim resolution professional (IRP) has received claims of Rs 7,014.83 crore from 22 secured financial creditors of FEL. A total of Rs 6,952.42 crore of claims have been admitted as of June 5, 2023. The IRP also received claims of Rs 8,880.50 crore from unsecured financial creditors, of Rs 5,313.27 crore of claims have been admitted. In the CoC, Centbank Financial Services Ltd has the highest voting percentage of 27.22 per cent. Union Bank of India and Axis Trustee Services have 10.97 per cent and 10.92 per cent voting percentages, respectively. Centbank Financial Services Ltd had claimed an amount of Rs 3,344.81 crore as due, which has been fully admitted. Axis Trustee Services has claimed Rs 1,341.

Future Enterprises invites expression of interest for assets across India

The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10

Future Enterprises admitted for insolvency, NCLT appoints interim RP

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore

Future Enterprises defaults on Rs 12.75-crore interest payment on NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs). The due date for payment was February 16, 2023, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on February 16, 2023," it said. The debentures have a coupon rate of 9.60 per cent for both series. The Gross Principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund. FEL had recently defaulted on payment of interest on several non-convertible debentures. The debt-ridden Future group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. It is engaged

Future Enterprises defaults on Rs 86.18 lakh interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures. The due date for payment was December 21, 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 21, 2022," it said. The debentures have a coupon rate of 9.55 per cent per annum. FEL has defaulted on interest payments for the period from June 21, 2022, to December 20, 2022. The total amount of securities issued was Rs 18 crore. 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.

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Future Enterprises defaults on Rs 1.07 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on payment of interest on non-convertible debentures of Rs 1.07 crore. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022," it said in a regulatory filing. The debentures have a coupon rate of 9.28 per cent and FEL has defaulted on interest payments for the period from May 17, 2022, to November 15, 2022. The total amount of securities issued was Rs 23 crore and a default has occurred on this gross principal amount. The debt-ridden Future Group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several Non-Convertible Debentures (NCDs). It is engaged in the busines

Future Enterprises defaults on principal amount of Rs 126.13 cr in Sep

Debt-ridden Future Enterprises has defaulted on a principal amount of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for NCDs and Rs 27.78 crore to banks, under a one-time restructuring (OTR) scheme. Future Enterprises Ltd (FEL) had entered into the OTR scheme for COVID-hit companies with its consortium of banks and lenders on October 27, 2020, as per the RBI guidelines. The due date for payment of the principal amount of Rs 126.13 crore to various banks and lenders, who were part of OTR scheme, was on September 30, 2022. "The company was not able to discharge the aforesaid obligations to banks and lenders, on the Due Date," FEL said in a regulatory filing on Saturday. FEL has missed a deadline for payment of the principal amount of 12 non-convertible debentures (NCDs) totalling Rs 98.35 crore. These NCDs had Coupon Rates ranging between 9.25 per cent to 10.50 per cent. It has defaulted on principal repayment of a term loan of Rs 15.76 crore from

Future Enterprises receives three months extension for holding AGM

Future Enterprises has received a three-month extension from the Registrar of Companies for holding its annual general meeting, a regulatory filing by the debt-ridden firm said. The Registrar of Companies, Mumbai, through a letter dated September 21, 2022, has accorded its approval to the company granting an extension for three months for holding the AGM of the company before December 31, 2022. "Accordingly, the aforesaid AGM of the Company would be held within the extended timeline," said FEL in late night filing on Wednesday. Earlier this month, another Future group firm - Future Lifestyle Fashions - had got a three-month extension for conducting its AGM. Section 96 of the Companies Act, 2013, mandates a company to hold AGM every year, within six months from the date of closing of the financial year. Moreover, there should not be a gap of more than 15 months between the two AGMs. However, the section also empowers RoC to extend by a period not exceeding three months, upon ...

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Future Enterprises defaults on Rs 15.73 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Wednesday said it has defaulted on payment of interest on non-convertible debentures totalling Rs 15.73 crore. The due date for payment was September 20, 2022, said a regulatory filing from FEL. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures...," it said. The debentures are secured and have a coupon rate of 9.60 per cent per annum. FEL has defaulted on interest payment for the period March 21, 2022, to September 19, 2022. The total amount of securities issued was Rs 352 crore and the gross principal amount on which the default has occurred is Rs 327 crore. The debt-ridden Future group is facing two petitions filed by its creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on se