Rakesh Biyani, the managing director of Future Retail, has resigned, and other officials, including the corporate secretary, have also decided to step down.
The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal.
Following Reliance Retail’s cancellation of a Rs 24,713 crore agreement, various Future group companies have seen an exodus of personnel from the boardroom and other levels.
“Rakesh Biyani, who was re-appointed as Managing Director for a three-year term beginning May 2, 2019, saw his term as Managing Director end on May 1, 2022. His appointment as Managing Director of the Company ceased to be effective on May 2, 2022, due to his failure to seek reappointment “In a regulatory filing on Monday, FRL stated in a regulatory filing.
As a result, Biyani was no longer a member of the several Board committees on which he served.
Future Retail Ltd. Company Secretary resigns
Virendra Samani, Future Retail Ltd’s Company Secretary, has also resigned from his position to seek other opportunities outside the company.
“The Company has accepted his resignation, and he will no longer be the Company Secretary as of April 30, 2022,” Future Retail Ltd added.
In addition, Gagan Singh, an Independent Director of FRL, ceased to be a director on April 29, 2022, when her tenure expired.
Moreover, another group company, Future Consumer Ltd, announced the resignation of its independent director Adhiraj Harish from the board of directors on Wednesday.
The Mumbai bench of the NCLT gave the company until May 12 to respond to the bankruptcy petition filed against it by the Bank of India.
FRL was one of 19 companies slated to be sold to Reliance Retail as part of a $24.713 billion transaction announced in August 2020 to sell the company’s retail, wholesale, logistics, and warehousing operations.
Meanwhile, after the creditors of the listed businesses voted against the merger, billionaire Mukesh Ambani‘s Reliance Industries Ltd called it off last month.
Amazon, which acquired a 49 percent share in Future Coupons Pvt Ltd (FCPL), a promoter firm of FRL, in 2019, was also opposed to the agreement.