Toshniwal has resigned from his post.
CP Toshniwal, Chief Financial Officer, Future Retail, has resigned from his post. Last week the company’s managing director Rakesh Biyani resigned from his post.
in debt Future Retail Group ,Future Retail Limited) Chief Financial Officer (Chief Financial Officer) CP Toshniwal has resigned from the company which will be effective from May 12. Toshniwal (CP Toshniwal)’s resignation has come recently after the resignation of many senior executives of the company. In fact, billionaire businessman Mukesh Ambani-led Reliance Industries had last month canceled a possible Rs 24,713 crore deal with Future Retail. The creditors of Reliance Industries voted against the deal. After the cancellation of the deal, many top executives of Future Retail started resigning from their positions.
Last week, Rakesh Biyani, managing director of Future Retail, resigned last week, while several executives, including the company secretary of Future Retail, had resigned earlier. On Thursday this week, Ashni Biyani, daughter of the company’s promoter Kishor Biyani, had resigned from the post of Managing Director of Future Consumer Limited. Adhiraj Harish, independent director of Future Consumer Limited, had demitted himself from the board last month. In April, Shailesh Haribhakti, the chairperson of Future Lifestyle Limited, resigned from his post.
Term ends on May 12
Future Retail said in a regulatory statement, CP Toshniwal, the company’s Chief Financial Officer, has resigned from his position with the close of business hours on May 12, 2022. As a result, he will also cease to hold the position of Key Managerial Personnel (KMP) of the company. Future Retail, a flagship firm of Kishore Biyani-led Future Group, is now facing an insolvency petition filed by its lenders before the National Company Law Tribunal.
Future Retail also included in 19 companies
Future Retail Limited is one of the 19 group companies to be transferred to Reliance. This company was part of the deal done in August 2020. Under the deal with Reliance, 19 companies of the group, including Future Retail, would have been handed over to Reliance. However, the deal was canceled after protests from Amazon. Bank of India has appealed for insolvency process against Future Retail. Amazon has opposed this.
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