Future Retail CEO Sadashiv Nayak quits; group entities default on payments

Future Retail is locked in legal battles with US retail major Amazon and has already become a non-performing asset NPA in the current quarter

Some of the entities of Kishore Biyani-controlled Future group, for whom payments were due on March 31, have defaulted.

In a related devel­opment, Future Retail’s Chief Executive Officer (CEO) Sadashiv Nayak on Thursday resigned from the post seven months after his appointment, according to a filing. Future Group CEO Kishore Biyani has been reappointed executive chairman of the company for three years, subject to regulatory approvals.

Senior bank executives said the group entities —facing liquidity pressures — were unable to make payment on time. However, details about the dues with names of entities were not available.  Going by the provision in the