Late on Friday, Future Enterprises in a stock exchange filing said that it has re-scheduled its board meeting to consider and approve audited financial results for the quarter and year ended 31 March 2020 from 22 August to 28 August.
"We hereby further inform you that due to some unavoidable circumstances, the said meeting of the Board of Directors of the Company to consider and approve inter alia the Audited Financial Results of the Company for the quarter and year ended on 31st March, 2020 has been postponed and is re-scheduled to be held on Friday 28th August, 2020," the company said.
According to a Business Standard report, the reason for the postponement is the ongoing plan to merge the three Future Group companies- Future Lifestyle, Future Supply Chain and Future Retail- as part of its working deal with banks and RIL. The report further said that banks will be lending money to Future Group for the payment of a coupon payment of about $14 million (about Rs 100 crore) for Future Retail's $500 million senior secured notes, the 30-day grace period for which was due to end on Saturday.
Future Enterprises Ltd also informed the exchanges of the downgrade in ratings on its NCDs by Brickwork Ratings, and commercial papers by Infomerics Valuations and Ratings citing the reason for the change as the "weakening of business and financial risk profile on the account and of extended lockdown due to COVID-19." For the same reason, Acuite Ratings & Research Limited has changed the ratings on Future Enterprises' commercial papers, NCDs (including proposed), fixed deposits and Cash Credit.