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Kishore Biyani steps down as chairman, director of Future Retail – Occasions of India

NEW DELHI: Kishore Biyani has stepped down as chairman of the suspended board of the debt-ridden Future Retail, which is presently going through insolvency proceedings.
Biyani has “tendered a letter of his resignation from the place of the ‘govt chairman and director’ of the corporate,” stated Future Retail in a regulatory submitting.
His resignation “shall be positioned earlier than the Committee of Collectors, as per the Insolvency and Chapter Code, 2016”, the corporate added.
The decision skilled of Future Retail Ltd (FRL) obtained intimation by an e-mail on January 24, 2023.
“Nothing herein must be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, together with in respect of his submissions within the resignation letter on info handover,” it added.
FRL was dragged into insolvency proceedings by its lender Financial institution of India after it defaulted on loans.
Its lenders rejected a Rs 24,713-crore takeover of the 19 Future group firms, together with FRL, by Reliance amid a authorized problem by Amazon.

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