05 May 2022, Mumbai:
Rakesh Biyani, Managing Director, Future Retail has resigned from his position along with Virendra Samani, Company Secretary, and Compliance Officer, and Gagan Singh, independent Director.
Prior to this, Biyani was the joint Managing Director of Future Retail from 2005.
He is also on the board of multiple Future Group companies.
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Samani has worked with the company for over 14 years. Besides being the company secretary, he was also the Chief of Legal for Future Retail.
He has over 20 years of experience in legal, secretarial, and compliance areas coupled with international exposure and listing on the Singapore Stock Exchange. He was earlier associated with Damas Jewellery, JSW Group, Aditya Birla Group, and Lockheed Martin Corporation, USA.
With over 35 years of experience, Singh was reappointed as Independent Director for one year effective April 30, 2021. Besides Future Retail, she is also on the board of Timex Group and a consultant to Anuj Puri’s Anarock Property Services.
Sadashiv Nayak, the CEO, of Future Retail, has resigned from his position barely seven months after his appointment. He has been associated with the company for over 18 years ago.
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Prior to being the CEO of Future Retail, he was the CEO of Big Bazaar.
Future Retail is facing insolvency cases from the Bank of India over unpaid dues. Its lenders recently disapproved of the possible asset sale to Reliance for over Rs 24,713 crore.
This deal was also opposed by Amazon which had invested in a sister concern of Future Retail in 2019. The companies are tied in multi-legal tussles.
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