After being dragged into insolvency proceedings by lenders, Future Retail’s Managing Director Rakesh Biyani has stepped down from his position. Virendra Samani, Company Secretary and Compliance officer, along with Gagan Singh who was an independent director have also resigned from their positions.
“Rakesh Biyani was re-appointed as Managing Director for a period of three years effective May 2, 2019, and his term of office as MD got completed on May 1, 2022. As he has not sought reappointment, his appointment as MD of the company ceased to be effective with effect from May 2, 2022. Consequently, he also ceased to be a member of various committees of the Board where he was member,” Future Retail said in a statement to the stock exchanges.
Prior to this period, Rakesh Biyani was the joint MD of Future Retail since 2005. He is also on the board of multiple of Future Group companies.
Samani too has had a long standing stint with Future Retail. He worked with the company for over 14 years. According to his LinkedIn profile, he was also the Chief Legal for Future Retail besides being a Company Secretary of the company. He has more than 20 years of experience in legal, secretarial and compliance areas coupled with international exposure and listing on Singapore Stock Exchange. In the past he was associated with Damas Jewellery, JSW Group, Aditya Birla Group and Lockheed Martin Corporation, USA.
Singh has over 35 years over experience. Informing about her ceacession, Future Retail said: Gagan Singh who was reappointed as an Independent Director for a period of one (1) year effective April 30, 2021 now ceased to be an Independent Director on completion of her term on April 29, 2022. Consequently, she also ceased to be a member of the Audit Committee, Nomination and Remuneration Committee and Deal Strategy Committee of the company.” Besides Future Retail, she is also on the board of Timex Group. She is also a consultant to Anuj Puri’s Anarock Property Services.
There have been other exits from Future Retail recently. Barely seven months after his appointment, Future Retail’s CEO Sadashiv Nayak too resigned from his position. Nayak has had a long stint with Future Group. He joined the company over 18 years ago. Prior to being the CEO of Future Retail, he was the CEO of Big Bazaar.
Future Retail has been dragged to the insolvency court by the Bank of India over unpaid dues. Its lenders recently disapproved of its possible asset sale to Reliance for over ₹24,713 crore. This deal was also opposed by Amazon who had invested in a sister concern company of Future Retail in 2019. The companies are tied in multi-judicial tussles. The Hindu BusinessLine