Kishore Biyani quits debt-ridden Future Retail

January 25, 2023 22:08

Kishore Biyani has stepped down as chairman of the suspended board of the debt-ridden Future Retail, which is currently facing insolvency proceedings.

Biyani has "tendered a letter of his resignation from the position of the 'executive chairman and director' of the company," said Future Retail in a regulatory filing.

His resignation "shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016", the company added.

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

"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," it added.

FRL was dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans. -- PTI

« Back to LIVE

TOP STORIES

LIVE! 'Pushpa 2' stampede: T'gana CM blasts Allu Arjun

Amid Ambedkar row, AAP declares scholarship for Dalits

In the run-up to the assembly elections in Delhi, AAP supremo Arvind Kejriwal announced an Ambedkar scholarship for free foreign education of the city's Dalit students. The scholarship is a response to the BJP's "insult" of Ambedkar,...

ASI inspects 'Skanda Purana' well at Sambhal temple

On Friday, a four-member team of the ASI surveyed the recently-discovered Shri Kartik Mahadev temple, five pilgrimage sites and 19 'koops' (wells).

Arrest warrant issued against Robin Uthappa

The police went to Robin Uthappa's house to issue a notice. Since he does not reside at that address at present, a warrant has been executed for the former cricketer.

Trudeau in trouble as ally vows to 'bring him down'

The future of Canadian Prime Minister Justin Trudeau's leadership appears increasingly uncertain after New Democratic Party (NDP) leader Jagmeet Singh, a key ally, said he would introduce a motion to topple the minority Liberal...