Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsBusiness

Future Retail CEO Sadashiv Nayak resigns amid legal battle, debt recovery

Nayak has been with Future Group for around 18 years and had been appointed chief executive in late August. He previously headed Big Bazaar, Future's chain of small and large format grocery stores.

March 31, 2022 / 09:06 PM IST
Representative Image

Representative Image

Future Retail's (FRL) chief executive Sadashiv Nayak has resigned, the company said on Thursday, without citing any reasons, just over seven months after he took the helm at one of India's largest retailers.

Nayak has been with Future Group for around 18 years and had been appointed chief executive in late August. He previously headed Big Bazaar, Future's chain of small and large format grocery stores.

The departure comes as the retailer is mired in a long-drawn legal battle with U.S. e-commerce giant Amazon over a $3.4 billion sale of its retail assets to rival Reliance Industries.

Amazon has blocked the sale, citing certain contract violations by Future and the case is now before India's Supreme Court. Future has denied any wrongdoing.