Future Retail executive chairman Kishore Biyani withdraws resignation letter after a month

Debt-ridden Future Retail Ltd (FRL) on Wednesday stated that Kishore Biyani, who had resigned as executive chairman and director of the company in January, has now withdrawn his resignation.

Biyani had sent a letter tendering his resignation from the position of the executive chairman and director of the company on January 23, 2023. However, about a one and a half month later, he withdrew his resignation.

The company, currently under insolvency proceedings, said "the resolution professional (RP) of the company had vide mail dated February 1, 2023, objected to the contents of the said letter" and "requested him to recall his resignation letter".

"This is to inform that Mr. Kishore Biyani has now withdrawn his resignation by way of his letter dated 10th March 2023 (received by resolution professional through e-mail on 14th March 2023)," Future Retail Limited said in its exchange filing.

In his resignation letter tendered in January, Biyani had stated that he had "completed all the required handholding" within his capacity for the RP to take over control of the company and its assets.

"As I understand, I have completed all the required handholding within my capacity for you to take over the entire control of the company and its assets and I have also completed the handover of whatever information and data, which was available with the earlier management or which could be retrieved from ex-employees or third parties and have shared with you all the insight about the business and operations and various hurdles faced by the earlier management."

"Needless to say, that in spite of my resignation, I would be available for all possible help, which can be done by me with my limited resources and ability to resolve any issue related to the company," he added.

Earlier this week, the RP of FRL filed an application before the National Company Law Tribunal (NCLT) against the former and present directors of the company for causing a loss of Rs 14,809.44 crore to creditors.

In the application filed before the Mumbai bench of the NCLT, the RP has sought direction from the tribunal against the present and erstwhile directors of FRL "to contribute the amount to the company", Future Retail Ltd (FRL) said in a regulatory filing.

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