Rakesh Biyani Steps Down As Managing Director Of Future Retail, Company Secretary Resigns
As Rs 24,713-crore deal with Reliance Retail was called off, the company has seen a spate of exits from the board and at other levels in several Future Group firms
New Delhi: Rakesh Biyani, managing director (MD) of Future Retail, has stepped down from the board of the company, the PTI reported. Other than Biyani, other officials, including the company secretary of the debt-ridden firm, have also tendered resignations.
The flagship firm, Future Group, is currently facing an insolvency petition by its lenders before the National Company Law Tribunal (NCLT).
As Rs 24,713-crore deal with Reliance Retail was called off, the company has seen a spate of exits from the board and at other levels in several Future Group firms.
Future Retail, a group firm of Future Group, was part of 19 companies that were supposed to be transferred to Reliance Retail as part of the deal announced in August 2020 to sell its retail, wholesale, logistics, and warehousing assets.
However, the deal has been called off by Mukesh Ambani-led Reliance Industries last month after the creditors of the listed entities voted against it.
The proposed deal between RIL and Future was also opposed by US e-commerce major Amazon, which had picked up a 49 per cent stake in Future Coupons, a promoter firm of Future Retail, in 2019.
In a regulatory filing Future Retail said, “Rakesh Biyani who was re-appointed as Managing Director for a period of three years effective May 2, 2019, his term of office as Managing Director got completed on 01st May, 2022. As he has not sought reappointment, his appointment as Managing Director of the Company ceased to be effective with effect from 2nd May, 2022.”
After his resignation, Kishore Biyani also ceased to be a member of various committees of the board.
Future Retail’s Company Secretary Virendra Samani has also quit the firm to pursue opportunities outside the organisation.
"The company has accepted his resignation and he shall ceased to be the company secretary with effect from April 30, 2022," said FRL.
Independent Director of Future Retail Gagan Singh has also ceased to be a director of the company on completion of her term on April, 29, 2022.
Another independent director of Future Consumer Adhiraj Harish has also tendered his resignation from the board of the company.
On April 28, the NCLT’s Mumbai bench gave time to Future Group until May 12 to submit its reply to the insolvency plea filed by Bank of India.
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