New Delhi: Big Bazaar Guardian Future Retail (FRL) on Friday said it has missed the due date of repayment of around Rs 5,322 crore to lenders due to the ongoing legal battle with the US e-tailer. heroine, among other issues. Kishor Bianlead in 2021 FRL had entered into a one-time restructuring (OTR) scheme for companies affected by the COVID pandemic with a consortium of banks and was under an obligation to raise Rs 3,900 crore before March 31, 2022, by way of equity contribution.
“Further, considering the infusion of capital, the company was liable to pay an aggregate amount of Rs 5,322 crore to various consortiums of banks and lenders (who are parties to the agreement under the OTR scheme) on or before March 31, 2022. ,” FRL said. Citing breach of contract, Amazon is trying to stall the proposed Rs 24,700 crore deal between Future Group and Reliance To sell futures’ retail and logistics assets. Last month, however, Reliance took over most of the FRL stores citing non-payment of rent.
Growth comes to a close after flurry of senior level exits from Future Group including FRL CEO Sadashiv Nayak and the company’s director Rahul Garg. Stating that it was discussing the matter with the lenders, the FRL said, “The company will notify further developments and updates in this regard as and when applicable”.
“Further, considering the infusion of capital, the company was liable to pay an aggregate amount of Rs 5,322 crore to various consortiums of banks and lenders (who are parties to the agreement under the OTR scheme) on or before March 31, 2022. ,” FRL said. Citing breach of contract, Amazon is trying to stall the proposed Rs 24,700 crore deal between Future Group and Reliance To sell futures’ retail and logistics assets. Last month, however, Reliance took over most of the FRL stores citing non-payment of rent.
Growth comes to a close after flurry of senior level exits from Future Group including FRL CEO Sadashiv Nayak and the company’s director Rahul Garg. Stating that it was discussing the matter with the lenders, the FRL said, “The company will notify further developments and updates in this regard as and when applicable”.