Debt-ridden Future Retail’s chief financial officer CP Toshniwal has resigned from the company with effect from May 12.
Toshniwal’s resignation is part of a string of recent resignations that began after a Rs 24,713-crore deal was scrapped last month after billionaire Mukesh Ambani-led Reliance Industries voted against creditors.
Last week, Rakesh Biyani, managing director of Future Retail, resigned, while executives including the company secretary of the debt-ridden company resigned.
“CP Toshniwal – Chief Financial Officer of the company has resigned from the close of business hours of May 12, 2022. As a result, he will also cease to be the ‘Key Managerial Personnel’ (KMP) of the company,” FRL said in a regulatory filing. said in.
FRL, a flagship firm of Kishore Biyani-led Future Group, is now facing an insolvency petition filed by its lenders before the National Company Law Tribunal as it has defaulted.
The FRL was part of the 19 companies that were to be transferred to Reliance Retail under the Rs 24,713 crore deal announced in August 2020.
The deal was scrapped by billionaire Mukesh Ambani-led Reliance Industries last month.
This was followed by the exodus of people from the board and other levels in many of the Future Group companies.
Kishore Biyani’s daughter Ashni Biyani on Thursday resigned as the Managing Director of Future Consumer Limited (FCL).
Earlier this month, FCL’s independent director Adhiraj Harish resigned from the company’s board.
Last month, Shailesh Haribhakti, chairman of Future Lifestyle Fashion Ltd, resigned stating that “unstable, complex and unpredictable legal and financial circumstances have taken an unexpected turn, and to implement the board’s recommendation to find solutions”. Not encouraged.