Rakesh Biyani quits as CEO of Future Retail, company secretary resigns
New Delhi: Rakesh Biyani, Managing Director (MD) of Future Retail, has resigned from the company’s board, PTI reported. Besides Biyani, other officials, including the general secretary of the debt-ridden company, have also tendered their resignations.
The flagship company, Future Group, is currently facing an insolvency petition from its lenders in the National Company Law Tribunal (NCLT).
While the Rs 24,713 crore deal with Reliance Retail has been scrapped, the company has seen a series of exits from the board and at other levels across several Future Group businesses.
Future Retail, a Future Group company, was among 19 companies to be transferred to Reliance Retail as part of the agreement announced in August 2020 to sell its retail, wholesale, logistics and retail assets. storage.
However, the deal was canceled by Reliance Industries, led by Mukesh Ambani, last month after listed entities’ creditors voted against it.
The proposed deal between RIL and Future has also faced opposition from US e-commerce giant Amazon, which acquired a 49% stake in Future Coupons, a company promoting Future Retail, in 2019.
In a regulatory filing, Future Retail said: “Rakesh Biyani, who was reappointed as Managing Director for a period of three years from May 2, 2019, his tenure as Managing Director ended on May 1, 2022. As he no did not request the renewal of his term of office, his appointment as Chief Executive Officer of the Company ceased to be effective as of May 2, 2022.”
After his resignation, Kishore Biyani also ceased to be a member of various board committees.
Future Retail’s general secretary, Virendra Samani, has also left the company to pursue opportunities outside the organization.
“The company has accepted his resignation and he will cease to be the company secretary effective April 30, 2022,” FRL said.
Independent director of Future Retail, Gagan Singh also ceased to be a director of the company at the end of her term on April 29, 2022.
Another independent director of Future Consumer Adhiraj Harish has also tendered his resignation from the company’s board.
On April 28, the Mumbai bench of the NCLT gave Future Group until May 12 to submit its response to the insolvency plea filed by Bank of India.