The Future Enterprises Ltd. (FEL) has deferred its Board of Directors meeting to September 7. Earlier, the board was scheduled to hold a meeting on Friday for consideration and approval of audited financial results of the Company for the quarter and year ended 31st March, 2020.
“We hereby inform you that meeting of the Board of Directors of the Company scheduled to be held today i.e. August 28, 2020 for consideration and approval of audited financial results of the Company for the quarter and year ended 31st March, 2020 (“Financial Results”) stands adjourned due to non-completion of audit process of Financial Results,” the company said in a notice to Stock Exchanges issued on Friday.
The company further said that the “trading window for dealing in the securities of the Company was already closed w.e.f. 1st April, 2020 and shall remain closed till 48 hours after the announcement of audited financial results of the Company for the quarter and year ended 31st March, 2020 and unaudited financial results for the quarter ended 30th June, 2020.”
Group’s retail business, Future Retail, recently averted a default by making an interest payment of around $14 million (around Rs 100 crore) on its $500 million ( around 3,700 crore) foreign bonds to investors.
The company had earlier missed its deadline for interest payment on July 22. It had then said that due to the nationwide lockdown, and consequent restricted business operations of the company, the liquidity position has been affected causing it to miss the service of the payment of interest due on the USD Notes, listed on Singapore Stock Exchange.