Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by FEL this month. The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Banking sources said the debt recast is actually 'Plan B' to help the nation's largest retailer stay afloat.
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
Reliance Industries on Saturday said its Rs 24,713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it.
Listed companies of the Kishore Biyani-led Future group on Saturday informed exchanges about meetings of their respective shareholders and creditors being convened on April 20 and 21 to get their approval for the Rs 24,713-crore deal with Reliance Retail. Listed entities, including Future Enterprises Ltd, Future Retail Ltd, Future Consumer Ltd and Future Supply Chain, informed exchanges about dates and other procedures for the virtual meetings of shareholders and creditors. The meetings are held virtually through video conferencing and other audio-visual means, the addendum notice added.
'India and China are at new inflection points, domestically and internationally. India needs to throw up a new leader whose vision is clear, experience laden with wisdom and articulation brimming with restraint and tolerance,' says Ambassador K C Singh.
'If you are a young Indian today instead of just going with the flow it is the right time to sincerely think what your passions are, and pursue it for a few years... we are the first generation in India for whom the risk of doing anything we are passionate about is almost zero,' believe two young IITians who have quit their cushioned jobs to help India's underprivileged get quality education at affordable price points.
Dealers said the country's trade balance numbers were inline with expectations as India's exports rose an annual 0.8 per cent in January and imports for the month rose 6 per cent, leaving a trade deficit of $20 billion.
Stay away from small companies that are easily manipulated.
A second-string Atletico Madrid missed a penalty and had a man sent off in a 2-1 defeat at third-tier Albacete in their King's Cup last-32 first-leg match on Thursday.
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England pacer Tim Bresnan said the wicket at Edgbaston didn't help much but his team still managed to dismiss India for a modest 224 in the ongoing third Test due to the "hunt in the pack mentality" of its bowlers.
Nifty dropped 63 points to end at 5,249. BSE market breadth was marginally negative. Out of 2979 stocks traded, 1,449 declined while 1,399 advanced.
New Zealand fast bowler Kyle Mills doubts that skipper Daniel Vettori's new role as a national selector will harm his relationship with the players.
Anil Ambani's Reliance ADA Group formalised its association with DreamWorks Studios promoted by Hollywood director Steven Spielberg and his partner Stacey Snider.
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According to data from AMFI (Association of Mutual Funds in India), Rs 12,079 crore (Rs 120.79 billion) came into the new schemes in January alone. In December 2007, inflows were to the tune of Rs 10,273 crore (Rs 102.73 billion).
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The Centre for North East Studies and Policy announces the CNES-Setu National Media Fellowship 2005, for journalists who wish to study issues related to Northeast India.
The seven times world champion lost control on the slippery surface, spun and clattered into the tyre barrier at the S-curve.
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Kishore Biyani led-Future Group has filed a caveat before the Delhi high court requesting it to be heard if any plea is filed by e-commerce major Amazon over its Rs 24,713 crore deal with Mukesh Ambani-led RIL. Anticipating a move by Amazon, which had got an interim arbitration award in its favour, putting the announced deal on hold, the Future Group firm has moved the Delhi high court.
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