On Thursday, heavily indebted Future Enterprises Ltd (FEL) said it has defaulted on interest payments of Rs 86.18 lakh on its non-convertible bonds. The amount is due on December 21, 2022, the company said in a regulatory filing.

“The company was unable to meet its obligations for interest on non-convertible bonds due December 21, 2022,” it said. The bonds have a coupon rate of 9.55% per annum. FEL defaults on interest from June 21, 2022, to December 20, 2022.

The total amount of securities issued is Rs 18 crore. FEL’s lenders also appointed an auditor to conduct a forensic audit of the company. Recently, the company defaulted on interest payments on several non-convertible bonds.

It is engaged in manufacturing, trading, asset leasing and logistics services. It develops, owns and leases retail infrastructure for Future Group.