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Future Retail’s Executive Chairman and Director Kishore Biyani resigns

Kishore Biyani, the founder of retail companies such as Pantaloon Retail and Big Bazaar, has resigned from his position as executive chairman and director of debt-ridden Future Retail Ltd, effective January 23.

The resolution professional from Future Retail Ltd (FRL) received a reminder via email on 24 January 2023.

“This is to inform that Mr. Kishore Biyani has submitted a letter indicating his resignation from the position of ‘Executive Chairman and Director’ of the company effective January 23, 2023,” the company said.

Kishore Biyani’s letter of resignation will be submitted to the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016, read with the rules and regulations laid down thereunder,” said Future Retail.

Nothing herein should be construed as an acceptance of the contents of the letter of resignation presented by Biyani, including with respect to his remarks in the letter of resignation regarding transfer of information, the company further informed the exchanges.

In an official letter to insolvency professional Vijaykumar Iyer, Biyani said that as chairman of the company, he had retained the position even after the initiation of CIRP (Corporate Insolvency Resolution Process) and suspension of the board of directors.

“As I understand, I have completed all required audits within my power to take full control of the company and its assets,” said Biyani.

He further said that he has also completed the transfer of all information and records that were available from previous management or that could be obtained from former employees or third parties.

Biyani added that he also shared with the resolution professional all the insights about the company and operations and various hurdles faced by the previous management.

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Kishore Biyani and 15 others, including FRL and Future Coupons Private Ltd (FCPL), are involved in a series of lawsuits with Amazon, an investor in FCPL, over the Reliance deal.

FRL was dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans. The lenders rejected one 24,713 crore acquisition of the 19 future group companies including FRL by Reliance amid legal challenge by Amazon.

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