CP Toshniwal, chief financial officer of debt-ridden Future Retail, has resigned from the company, effective May 12. Toshniwal’s resignation is the latest addition to the string of resignations that began last month after billionaire Mukesh Ambani canceled a Rs 24,713 crore deal. Lenders, led by Reliance Industries, voted against it.
Last week, Rakesh Beyani, managing director of Future Retail, resigned, while officials, including the company secretary of the indebted firm, resigned.
“CP Toshniwal – Chief Financial Officer of the company has resigned as a result of the closing of business hours on May 12, 2022. As a result, he will also resign from the company ‘Key Managerial Personnel’ (KMP),” FRL said in a regulatory filing.
FRL, a flagship firm of the Future Group led by Kishore Biyani, is now facing a bankruptcy petition filed by its creditors with the National Company Law Tribunal for default.
As part of the Rs 24,713 crore deal announced in August 2020, FRL was part of 19 companies that were to be transferred to Reliance Retail.
Reliance Industries, led by billionaire Mukesh Ambani, canceled the deal last month.
Subsequently, boards and other levels of people at several Future Group companies emigrated.
On Thursday, teenage Beanie’s daughter Ashni Beanie resigned as managing director of Future Consumer Limited (FCL).
Earlier this month, Adhiraj Harish, an independent director of FCL, resigned from the company’s board.
Last month, Shailesh Haribhakti, chairperson of Future Lifestyle Fashions Limited, resigned after seeing that “the volatile, complex and unpredictable legal and financial situation has taken an unexpected turn and the board’s recommendations for finding a solution have not been met with speed.”
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