At meeting held on 29 April 2021The Board of Future Consumer at its meeting held on 29 April 2021 has approved a resolution plan to restructure the existing secured and unsecured financial debt from the bankers of the Company, as permitted under a 'Resolution Framework for COVID 19 related stress' announced by the Reserve Bank of India.
The said resolution plan has been approved by the Board, subject to
final approval from the lenders of the Company.
It may be noted that non-convertible debentures (NCDs) issued by the Company are not part of the aforesaid resolution plan.
Pursuant to the implementation of resolution plan for Existing Debt, the Board expects that
the Company would recover from the financial stress caused by the COVID 19 pandemic,
within the resolution timeframe.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.