Home / Companies / People /  Kishore Biyani steps down as Chairman of Future Retail

Future Retail Ltd, which is undergoing insolvency resolution at NCLT, on Wednesday that Kishore Biyani, the founder of retail businesses like Pantaloon Retail and Big Bazaar, has resigned from his role as Executive Chairman and Director with effect from 23 January, according to an exchange filing.

"The resignation letter of 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. Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on information handover," the filing said

In a letter to insolvency resolution professional Vijaykumar Iyer, Biyani stated that he had continued to serve as chairman of the company even after the initiation of the 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 take over the entire control of the Company and its assets," Biyani said.

Biyani also stated that he has completed the handover of whatever information and data that was available with the previous management or that could be retrieved from ex-employees or third parties, and that he has shared all of the insight about the business and operations, as well as the various hurdles faced by the previous management.

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.

Several suitors including Reliance Retail, Adani Group's JV April Moon Retail and 11 other companies had evinced interest to acquire the troubled retailer.

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