Future Retail MD Rakesh Biyani steps down, Company Secretary resigns

Future Retail Managing Director Rakesh Biyani has stepped down while officials, including the company secretary of the debt-ridden firm, have tendered resignations.

The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal.

There is an exodus of people from the board and at other levels in several Future group companies after the Rs, 24,713 crore deal was called off by Reliance Retail.

Also Read | Future Retail secured creditors rejects deal with Reliance Retail

"Rakesh Biyani who was re-appointed as Managing Director for a period of three years effective May 2, 2019, his term of office as Managing Director got completed on 01st May 2022. As he has not sought reappointment, his appointment as Managing Director of the Company ceased to be effective with effect from 2nd May 2022," said FRL in a regulatory filing on Monday.

Consequently, Biyani also ceased to be a member of various committees of the Board where he was a member.

FRL's Company Secretary Virendra Samani has also tendered his resignation from the post to pursue other opportunities outside the organisation.

Also Read | FRL holds shareholders' meeting for approval of deal with Reliance Retail

"The Company has accepted his resignation and he shall cease to be the Company Secretary with effect from April 30, 2022," said FRL.

Besides, Gagan Singh, an Independent Director of FRL has also ceased to be a director on completion of her term on 29th April 2022.

On Wednesday, another group firm Future Consumer Ltd informed about the resignation of its independent director Adhiraj Harish from the board of the company.

On April 28, the Mumbai bench of NCLT gave time till May 12 to submit its reply to the insolvency petition filed against the company by the Bank of India.

Also Read | Bank of India moves NCLT against Future Retail, files insolvency plea

FRL was part of 19 companies, which were supposed to be transferred to Reliance Retail as part of a 24,713 crore deal announced in August 2020 to sell its retail, wholesale, logistics and warehousing assets.

The deal has now been called off by the billionaire Mukesh Ambani led Reliance Industries Ltd last month after the creditors of the listed entities voted against it.

The deal was also opposed by e-commerce giant Amazon, which in 2019, had picked up a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a promoter firm of FRL.