Kishore Biyani steps down as chairman, director of Future Retail

NEW DELHI: Kishore Biyani has stepped down as chairman of the suspended board of the credit card debt-ridden Long run Retail, which is currently experiencing insolvency proceedings.
Biyani has “tendered a letter of his resignation from the posture of the ‘executive chairman and director’ of the firm,” explained Foreseeable future Retail in a regulatory filing.
His resignation “shall be positioned before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016”, the corporation additional.
The resolution skilled of Potential Retail Ltd (FRL) acquired intimation as a result of an e-mail on January 24, 2023.
“Very little herein should really be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on facts handover,” it included.
FRL was dragged into insolvency proceedings by its lender Financial institution of India after it defaulted on financial loans.
Its loan companies turned down a Rs 24,713-crore takeover of the 19 Future team providers, which includes FRL, by Reliance amid a legal problem by Amazon.