Kishore Biyani has resigned from his position as executive chairman and director of Future Retail Limited, the business notified the stock exchanges on January 25. Future Retail Limited is currently undergoing a corporate insolvency resolution process.
“As you will appreciate, the CIRP of the company is the result of [an] unfortunate business situation,” wrote Biyani in his resignation letter, the Economic Times reported. “While the company was always my passion and I have done everything in my power for its growth, I have to accept reality and move on.”
Biyani’s resignation is effective from January 23 and the business’ court appointed resolution professional received an email notifying of the decision on January 24. In his resignation letter, Biyani stated that he has completed all necessary steps to hand over control of both the business and its assets to the resolution professional. This includes all information and data about the business, insights into its operations, and hurdles faced by previous management.
Following a recent court ruling, the deadline for the completion of Future Retail’s CIRP has been pushed back to April 16. The business’ resolution professional has chosen 13 entities as potential bidders for the company following on from their submitted expressions of interest. These potential bidders include Reliance Retail Ventures, WH Smith Travel, and Dharampal Satyapal.
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