Debt ridden Future Retail ((FRL) on Wednesday informed in an official statement that Kishore Biyani, who resigned about one and half months before from the company as executive chairman and director, has now withdrew his resignation.
The Resolution Professional of FRL, had raised objections on the contents of Biyani’s resignation letter, and had called him to look back on it.
Informing the bourses, the FRL said, “Kishore Biyani has withdrawn his resignation letter on 10 March 2023.”
Initially this week, the RP of FRL recorded an application before the National Company Law Tribunal (NCLT) against the former and present directors of the company for causing a drop of Rs 14,809.44 crore to creditors.
The company added in a regulatory filing that “to contribute the amount of company,’’ the application field before the Mumbai bench of NCLT, the Resolution Professionals (RP), has looked for the direction from the tribunal opposed to present and erstwhile directors of FRL.
Biyani resigned on 23 January 2023, and in his resignation he wrote a hearty emotional farewell. He was linked with FRL since 2007 after its incorporation and was facing Corporate Insolvency Resolution Process (CIRP) as a ‘’result of the unfortunate business situation’’.
A copy of the letter was shared and was shared with stock exchanges, it said “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 and I have also completed the handover of whatever information and data, which was available with the earlier management or which could be retrieved from ex-employees or third parties and have shared with you all the insight about the business and operations and various hurdles faced by the earlier management.”
He added, “Needless to say, that in spite of my resignation, I would be available for all possible help, which can be done by me with my limited resources and ability to to resolve any issue related to the company,”.