Kishore Biyani steps down as chairman, director of Future Retail

NEW DELHI: Kishore Biyani has stepped down as chairman of the suspended board of the personal debt-ridden Long run Retail, which is now struggling with insolvency proceedings.
Biyani has “tendered a letter of his resignation from the placement of the ‘executive chairman and director’ of the organization,” stated Foreseeable future Retail in a regulatory submitting.
His resignation “shall be placed prior to the Committee of Collectors, as for every the Insolvency and Personal bankruptcy Code, 2016”, the enterprise added.
The resolution expert of Foreseeable future Retail Ltd (FRL) obtained intimation by means of an e-mail on January 24, 2023.
“Absolutely nothing herein need to be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in regard of his submissions in the resignation letter on information and facts handover,” it included.
FRL was dragged into insolvency proceedings by its lender Financial institution of India soon after it defaulted on financial loans.
Its loan companies turned down a Rs 24,713-crore takeover of the 19 Upcoming group providers, which includes FRL, by Reliance amid a lawful obstacle by Amazon.