Rakesh Biyani Resigns: Rakesh Biyani, managing director of Future Retail, has resigned from his post. This news has come to the fore after being dragged into bankruptcy proceedings by the lenders. Company Secretary and Compliance Officer, Virendra Samani has also resigned from his posts along with Gagan Singh, independent director of the company.
Rakesh Biyani did not seek reappointment
Rakesh Biyani was re-appointed as Managing Director for a period of three years with effect from 2 May 2019, Future Retail said in a statement to the stock exchanges. His tenure as MD came to an end on May 1, 2022. Since he has not sought reappointment, his appointment as MD of the company ceased to be effective from May 2, 2022. As a result, he ceased to be a member of the various committees of the Board where he was a member. Prior to this period, Rakesh Biyani was the Joint MD of Future Retail since 2005. He is also on the board of several Future Group companies.
Virendra Samani also had a long stint with Future Retail
Virendra Samani has also had a long stint with Future Retail. He worked with the company for more than 14 years. According to his LinkedIn profile, apart from being the company secretary, he was also the chief legal officer for Future Retail. He has over 20 years of experience in the legal, secretarial and compliance sectors as well as international exposure and listing on the Singapore Stock Exchange. In the past he was associated with Damas Jewellery, JSW Group, Aditya Birla Group and Lockheed Martin Corporation, USA.
Gagan Singh also left the post
At the same time, Gagan Singh has an experience of more than 35 years. Giving information about the end of his innings, Future Retail said that Gagan Singh, who was re-appointed as an independent director for a period of one (1) year with effect from April 30, 2021, is now 29. ceased to be an independent director on completion of his term on April, 2022. As a result, he was no longer a member of the Company’s Audit Committee, Nomination and Remuneration Committee and Deal Strategy Committee. Apart from Future Retail, he is also on the board of Timex Group. She is also an advisor to Anuj Puri’s Anarock Property Services.
There have also been other recent resignations from Future Retail.
There have also been other recent resignations from Future Retail. Future Retail CEO Sadashiv Nayak also resigned from his position just seven months after his appointment. Nayak has a long stint with the Future Group. He joined the company 18 years ago. Before becoming the CEO of Future Retail, he was the CEO of Big Bazaar.
Legal dispute between Amazon-Future Retail continues
Future Retail has been dragged to the bankruptcy court by Bank of India over dues. Its lenders recently rejected the sale of potential assets worth over Rs 24,713 crore to Reliance. The deal was also opposed by Amazon, which had invested in a subsidiary of Future Retail in 2019. The companies are embroiled in a multi-judicial tussle.
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