Future Retail Says Kishore Biyani Withdraws Resignation

Future Retail Ltd. said Kishore Biyani, who had resigned from the position of company’s executive chairman and director in January, has withdrawn his resignation.

Biyani withdrew his resignation via a letter dated 10 March, the distressed Indian retailer’s Company Secretary Pratiksha Salecha said in a stock exchange announcement today. The letter was received by the company’s resolution professional through e-mail on 14 March, she added.

The development came after the Resolution Professional Vijaykumar Iyer via a mail on 1 February objected to the contents of Biyani’s resignation letter as well as the resignation and requested him to recall his resignation letter, according to the announcement.

Future Retail was admitted into an insolvency resolution by the National Company Law Tribunal, (NCLT) in July 2022 following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($175 million).

However, the company failed to get any bids from by the submission deadline in February despite initial interest from several suitors, including Capri Global Holdings Private Ltd., Reliance Retail Ventures Ltd. and Dharampal Satyapal Ltd.

Future Retail’s resolution professional recently quantified a potential loss of 14,809.44 crore rupees to the bankrupt company’s creditors. He has filed an application before the Mumbai bench of the NCLT against its current and former directors, seeking direction against the respondents to contribute such amount to the company.

(Note: $1 = 82.3649 Indian rupees)

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