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Kishore Biyani, the founder of retail businesses such as Pantaloon Retail and Big Bazaar, has resigned from his position of Executive Chairman and Director of debt-ridden Future Retail Ltd, effective 23 January, Future Retail said in a regulatory filing on Wednesday. 

The resolution professional of Future Retail Ltd (FRL) received intimation through an e-mail on 24 January, 2023.

"This is to inform that Mr Kishore Biyani has tendered a letter of his resignation from the position of the 'Executive Chairman and Director' of the Company with effect from 23rd January 2023," the company said.

"The resignation letter of Mr Kishore Biyani shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016 read with rules and regulations framed thereunder," Future Retail said.

Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Biyani, including in respect of his submissions in the resignation letter on information handover, the company further informed the stock exchanges.

In an official letter to insolvency resolution professional Vijaykumar Iyer, Biyani said as chairman of the company, he had been holding on to the position even after the initiation of CIRP (Corporate Insolvency Resolution Process) and suspension of the Board.

"As I understand I have completed all the required handholding within my capacity for you to takeover the entire control of the Company and its assets," Biyani said.

He further saod that he has also completed handover of whatever information and data were available with the earlier management or which could be retrieved from ex-employees or third parties. 

Biyani added that he has also shared all the insights about the business and operations and various hurdles faced by the earlier management with the resolution professional.

Kishore Biyani and 15 others including FRL and Future Coupons Private Ltd (FCPL) have been embroiled in a series of litigations with Amazon, an investor in FCPL, over the deal with Reliance.

FRL was dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans. Its lenders rejected a 24,713-crore takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon.

ABOUT THE AUTHOR

Meghna Sen

Meghna Sen is a deputy chief content producer at Livemint where she tracks companies, markets, news. She has 5+ years of experience with online and print publications. Email: meghna.sen@htdigital.in
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