Future Retail’s Chief Financial Officer C P Toshniwal resigns

Debt-ridden Future Retail’s Chief Financial Officer C P Toshniwal has resigned from the corporate, efficient May 12.

Toshniwal’s resignation is the current addition to the string of resignations that began after the Rs 24,713-crore deal was known as off final month by the billionaire Mukesh Ambani-led Reliance Industries after collectors voted towards it.

Last week, Future Retail’s Managing Director Rakesh Biyani stepped down, whereas officers, together with the debt-ridden agency’s firm secretary, tendered resignation.

“C P Toshniwal Chief Financial Officer of the Company has resigned from the closure of business hours of May 12, 2022. Consequent to the same, he shall also cease to be a Key Managerial Personnel’ (KMP) of the Company,” FRL mentioned in a regulatory submitting.

FRL, a flagship agency of the Kishore Biyani-led Future Group, now faces an insolvency petition filed by its lenders earlier than the National Company Law Tribunal because it has dedicated defaults.

FRL was a part of the 19 corporations which had been presupposed to be transferred to Reliance Retail as a part of a Rs 24,713-crore deal introduced in August 2020.

The deal was known as off by the billionaire Mukesh Ambani-led Reliance Industries final month.

After this, there was an exodus of individuals from the board and different ranges in a number of Future group corporations.

On Thursday, Ashni Biyani, daughter of Kishore Biyani, resigned because the Managing Director of Future Consumer Ltd (FCL).

Earlier this month, FCL’s Independent Director Adhiraj Harish resigned from the board of the corporate.

Last month, Future Lifestyle Fashions Ltd Chairperson Shailesh Haribhakti resigned observing that “volatile, complex and unpredictable legal and financial circumstances have taken unexpected turns, and the board’s recommendation to find solutions have not been met with implementation impetus.

Edited by Affirunisa Kankudti

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