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Debt-ridden Future Retail's Chief Financial Officer C P Toshniwal resigns

Last week, Future Retail's Managing Director Rakesh Biyani stepped down, while officials including the company secretary of the debt-ridden firm tendered resignation

Topics
Future Retail | Reliance Industries | Mukesh Ambani

Press Trust of India  |  New Delhi 

future retail, future group, big bazaar, bazar
FRL, a flagship firm of the Kishore Biyani-led Future Group, now faces an insolvency petition filed by its lenders before the National Company Law Tribunal as it has committed defaults.

Debt-ridden Future Retail's Chief Financial Officer C P Toshniwal has resigned from the company, effective May 12.

Toshniwal's resignation is the recent addition to the string of that started after the Rs 24,713-crore deal was called off last month by the billionaire Mukesh Ambani-led after creditors voted against it.

Last week, Future Retail's Managing Director Rakesh Biyani stepped down, while officials including the company secretary of the debt-ridden firm tendered resignation.

"C P Toshniwal Chief Financial Officer of the Company has resigned with effect from the closure of business hours of May 12, 2022. Consequent to the same, he shall also cease to be a Key Managerial Personnel' (KMP) of the Company," FRL said in a regulatory filing.

FRL, a flagship firm of the Kishore Biyani-led Future Group, now faces an insolvency petition filed by its lenders before the National Company Law Tribunal as it has committed defaults.

FRL was part of the 19 which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

The deal was called off by the billionaire Mukesh Ambani-led last month.

After this, there was an exodus of people from the board and other levels in several .

On Thursday, Ashni Biyani, daughter of Kishore Biyani, resigned as the Managing Director of Future Consumer Ltd (FCL).

Earlier this month, FCL's Independent Director Adhiraj Harish resigned from the board of the company.

Last month, Future Lifestyle Fashions Ltd Chairperson Shailesh Haribhakti had resigned observing that "volatile, complex and unpredictable legal and financial circumstances have taken unexpected turns, and the board's recommendation to find solutions have not been met with implementation impetus.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sat, May 14 2022. 12:43 IST
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