You are here: Home » Companies » News
Business Standard

Future Retail MD Rakesh Biyani steps down, Company Secretary resigns

The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal

Future Retail | National Company Law Tribunal | Reliance Retail

Press Trust of India  |  New Delhi 

big bazaar
Representative image

Managing Director Rakesh Biyani has stepped down while officials, including the company secretary of the debt-ridden firm, have tendered resignations.

The flagship firm is facing an insolvency petition by its lenders before the .

There is an exodus of people from the board and at other levels in several after Rs 24,713 crore deal was called off by .

"Rakesh Biyani who was re-appointed as Managing Director for a period of three years effective May 2, 2019, his term of office as Managing Director got completed on 01st May, 2022. As he has not sought reappointment, his appointment as Managing Director of the Company ceased to be effective with effect from 2nd May, 2022," said FRL in a regulatory filing on Monday.

Consequently, Biyani also ceased to be a member of various committees of the Board where he was a member.

FRL's Company Secretary Virendra Samani has also tendered his resignation from the post to pursue other opportunities outside the organisation.

"The Company has accepted his resignation and he shall ceased to be the Company Secretary with effect from April 30, 2022," said FRL.

Besides, Gagan Singh, an Independent Director of FRL has also ceased to be a director on completion of her term on 29th April, 2022.

On Wednesday, another group firm Future Consumer Ltd informed about the resignation of its independent director Adhiraj Harish from the board of the company.

On April 28, the Mumbai bench of NCLT gave time till May 12 to submit its reply to the insolvency petition filed against the company by Bank of India.

FRL was part of 19 companies, which were supposed to be transferred to as part of a 24,713 crore deal announced in August 2020 to sell its retail, wholesale, logistics and warehousing assets.

The deal has now been called off by the billionaire Mukesh Ambani led Reliance Industries Ltd last month after the creditors of the listed entities voted against it.

The deal was also opposed by e-commerce giant Amazon, which in 2019, had picked up a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a promoter firm of FRL.

(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.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 05 2022. 00:51 IST