Future Enterprises board meet on group firms’ merger postponed by a week

A crucial board assembly of Future Enterprises (FEL) which was scheduled to be held on Saturday and envisioned to examine the merger of three group companies has been postponed by a week.

In a assertion to the inventory exchanges, FEL did not give any purpose for the postponement of the assembly. But insiders claimed the program to merge the three Future group companies — Future Life-style, Future Source Chain and Future Retail — is becoming worked out amid the financial institutions, RIL and Future group.

In accordance to the program, financial institutions will lend money to the Future group so that it does not default on its foreign currency financial loans because of on Monday.

Future Retail experienced unsuccessful to make a coupon payment of about $fourteen million (about Rs a hundred crore) for its $five hundred million senior secured notes. The 30-working day grace period of time ends on Saturday.