Future Enterprises board meet on group firms’ merger postponed by a week
A crucial board meeting of Future Enterprises (FEL) which was scheduled to be held on Saturday and expected to discuss the merger of three group companies has been postponed by a week.
In a statement to the stock exchanges, FEL did not give any reason for the postponement of the meeting. But insiders said the plan to merge the three Future group companies — Future Lifestyle, Future Supply Chain and Future Retail — is being worked out among the banks, RIL and Future group.
According to the plan, banks will lend money to the Future group so that it does not default on its foreign currency loans due on Monday.
Future Retail had failed to make a coupon payment of about $14 million (about Rs 100 crore) for its $500 million senior secured notes. The 30-day grace period ends on Saturday.
