Kishore Biyani, the creator of retail companies including Pantaloon Retail and Big Bazaar, has resigned as Executive Chairman and Director of debt-ridden Future Retail, the company announced in a regulatory statement on Wednesday.
On 24 January, the resolution professional received Biyani’s resignation.
This is to tell you that Kishore Biyani has offered a letter of resignation from the post of ‘Executive Chairman and Director’ of the Firm, effective 23 January, 2023, according to the company.
“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 said.
In an official letter to bankruptcy resolution specialist Vijaykumar Iyer, Biyani stated that he had continued to serve as chairman of the firm even after the beginning of the CIRP (Corporate Insolvency Resolution Process) and suspension of the Board.
“As I understand, I have completed all the required hand holding within my capacity for you to take over the entire control of the Company and its assets,” Biyani said in the letter.
He also stated that he had completed the transfer of all information and data that were accessible with the previous management or that might be obtained from ex-employees or other parties.
Biyani went on to say that he had also shared with the resolution professional all of his insights regarding the business and operations, as well as the many challenges that the previous management had experienced.
Kishore Biyani and 15 other individuals, including Future Retail (FRL) and Future Coupons Private (FCPL), have been entangled in a series of legal battles with Amazon, a stakeholder in FCPL, over the Reliance agreement.
