February 5, 2023

Kishore Biyani steps down as chairman, director of Future Retail


NEW DELHI: Kishore Biyani has stepped down as chairman of the suspended board of the debt-ridden Future Retail, which is lately dealing with insolvency court cases.
Biyani has “tendered a letter of his resignation from the position of the ‘executive chairman and director’ of the company,” stated Future Retail in a regulatory submitting.
His resignation “shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016”, the corporate added.
The answer skilled of Future Retail Ltd (FRL) gained intimation via an email on January 24, 2023.
“Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on information handover,” it added.
FRL was once dragged into insolvency court cases via its lender Bank of India after it defaulted on loans.
Its lenders rejected a Rs 24,713-crore takeover of the nineteen Future team corporations, together with FRL, via Reliance amid a prison problem via Amazon.