Kishore Biyani steps down as chairman of Future Retail

Kishore Biyani steps down as chairman of Future Retail

"The resignation letter of Mr. Kishore Biyani shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016, read with rules and regulations framed thereunder", the company said

FPJ Web DeskUpdated: Friday, January 27, 2023, 12:55 PM IST
article-image
Kishore Biyani | Image: Wikipedia

Kishore Biyani has tendered his resignation from the position of executive chairman and director of Future Retail Ltd, effective Monday, the company said in an exchange filing.

"The resignation letter of Mr. Kishore Biyani shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016, read with rules and regulations framed thereunder."

"Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Kishore Biyani, including in respect of his submissions in the resignation letter on information handover," the company said.

Future Retail Ltd

The resolution professional of Future Retail Ltd (FRL) received intimation through an e-mail 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 dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans.

Its lenders rejected a Rs 24,713-crore takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon.

RECENT STORIES

SIP V/S One-Time Investment: Choose The Right Path For Your Financial Goals

SIP V/S One-Time Investment: Choose The Right Path For Your Financial Goals

Busy Bee Airways Withdraws Bid For Go First

Busy Bee Airways Withdraws Bid For Go First

Income Tax Department Notifies Cost Inflation Index For Current Fiscal

Income Tax Department Notifies Cost Inflation Index For Current Fiscal

Scorching Heat & Record-Breaking Demand: India's Peak Power Soars To Nearly 240 GW On May 24

Scorching Heat & Record-Breaking Demand: India's Peak Power Soars To Nearly 240 GW On May 24

Indigo Airlines Announces Business Class On Busiest Routes Amid Strong Q4 Results

Indigo Airlines Announces Business Class On Busiest Routes Amid Strong Q4 Results