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.
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