Kishore Biyani, founder of retail businesses such as Pantaloon Retail and Big Bazaar, has resigned as executive chairman and director of Future Retail Limited (FRL). His resignation is effective from 23 January 2023. Future Retail said this in a regulatory filing on Wednesday. The resolution professional of Future Retail Limited has received its information through e-mail dated January 24, 2023.
Biyani’s resignation will be placed before the Committee of Creditors
Future Retail has said, ‘Kishore Biyani has tendered his resignation from the position of Executive Chairman and Director of the company.’ The company says that according to the Insolvency and Bankruptcy Code 2016, the resignation of Kishore Biyani will be placed before the Committee of Creditors. Due to high debt, problems started for Future Retail. The company’s operations were impacted due to COVID-19 and the lockdown, which impacted Future Retail’s sales and net worth.