Kishore Biyani withdraws resignation amid objections from resolution professional
16 March 2023, Mumbai
Future Retail Ltd announced on Wednesday that its Executive Chairman and Director, Kishore Biyani, has withdrawn his resignation.
The debt-ridden company, currently undergoing insolvency proceedings, cited objections from the resolution professional as the reason for the withdrawal. Biyani had tendered his resignation on January 23, but in his letter, he had stated that he had completed all the necessary steps to hand over control of the business and its assets to the resolution professional. This included providing all information and data about the company's operations, as well as insights into the hurdles faced by the previous management.
However, the resolution professional objected to the contents of the resignation letter and requested Biyani to recall it.
The withdrawal of Biyani's resignation comes as a relief for Future Retail, which has been grappling with financial challenges for some time. With Biyani's extensive experience in the retail industry, his presence will likely help the company navigate through these challenges and emerge stronger.