{"id":40105,"date":"2022-05-04T22:05:18","date_gmt":"2022-05-04T16:35:18","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-future-retail-resignation\/"},"modified":"2022-05-04T22:45:30","modified_gmt":"2022-05-04T17:15:30","slug":"biz-future-retail-resignation","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-future-retail-resignation\/","title":{"rendered":"Future Retail MD Rakesh Biyani steps down, Company Secretary resigns"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-573940680\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Future Retail Managing Director Rakesh Biyani has stepped down while officials, including the company secretary of the debt-ridden firm, have tendered resignations.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4089753301\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal.<\/p>\n<p>There is an exodus of people from the board and at other levels in several Future group companies after Rs 24,713 crore deal was called off by Reliance Retail.<\/p>\n<p>&#8220;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,&#8221; said FRL in a regulatory filing on Monday.<\/p><div class=\"trade-content_5\" id=\"trade-3843345576\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Consequently, Biyani also ceased to be a member of various committees of the Board where he was a member.<\/p>\n<p>FRL&#8217;s Company Secretary Virendra Samani has also tendered his resignation from the post to pursue other opportunities outside the organisation.<\/p>\n<p>&#8220;The Company has accepted his resignation and he shall ceased to be the Company Secretary with effect from April 30, 2022,&#8221; said FRL.<\/p>\n<p>Besides,\u00a0 Gagan Singh, an Independent Director of FRL has also ceased to be a director on completion of her term on 29th April, 2022.<\/p>\n<p>On Wednesday, another group firm Future Consumer Ltd informed about the resignation of its independent director Adhiraj Harish from the board of the company.<\/p>\n<p>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 Bank of India.<\/p><div class=\"trade-content-10\" id=\"trade-2264199450\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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. PTI KRH MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-1965699098\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31,1789],"tags":[],"class_list":["post-40105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Future Retail MD Rakesh Biyani steps down, Company Secretary resigns - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-future-retail-resignation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Future Retail MD Rakesh Biyani steps down, Company Secretary resigns\" \/>\n<meta property=\"og:description\" content=\"Future Retail Managing Director Rakesh Biyani has stepped down while officials, including the company secretary of the debt-ridden firm, have tendered resignations. 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