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Future Retail executive chairman Kishore Biyani withdraws resignation

Kishore Biyani had submitted his resignation on January 23, amid the ongoing insolvency proceedings.

March 15, 2023 / 08:21 PM IST
Kishore Biyani

Kishore Biyani

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Kishore Biyani, the executive chairman of the crisis-hit Future Retail, has withdrawn his resignation, as per a regulatory filing made by the company on March 15.

Biyani had submitted his resignation letter on January 23, amid the ongoing insolvency proceedings. The same was placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016.

"In response to the said letter, the resolution professional of the company had vide mail dated 1st February 2023 objected to the contents of the said letter and the resignation by Mr Biyani and requested him to recall his resignation letter," Future Retail's exchange filing noted.

"Biyani has now withdrawn his resignation by way of his letter dated 10th March 2023 (received by resolution professional through e-mail on 14th March 2023)," it further said.

Future Retail 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 Industries amid a legal challenge by Amazon.

Future Retail had, last week, said its resolution professional has filed an application before the National Company Law Tribunal against the former and present directors of the company for causing a loss of Rs 14,809.44 crore to creditors.

The resolution professional sought direction from the tribunal against the present and erstwhile directors "to contribute the amount to the company", Future Retail said in a regulatory filing on March 10.

With inputs from agencies.

Disclaimer: Moneycontrol is a part of the Network18 group, controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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first published: Mar 15, 2023 08:01 pm