Toshniwal, Future Retail’s chief financial officer, is stepping down


Debt-plagued Future Retail CFO CP Toshniwal has resigned from the company effective May 12.

Mr Toshniwal’s resignation is the latest in a string of resignations that began after Reliance Industries’ 24,713-crore deal was called off last month by billionaire Mukesh Ambani after creditors voted against it.

Last week, Future Retail chief executive Rakesh Biyani resigned, while officials including the corporate secretary of the heavily indebted firm tendered their resignations.

“CP Toshniwal – the Company’s Chief Financial Officer has resigned effective close of business hours on May 12, 2022. As a result, he also ceases to be a ‘Key Managerial Personnel’ (KMP) of the company. ‘ FRL said in a regulatory filing.

FRL, a flagship company of Kishore Biyani-led Future Group, is now facing a bankruptcy petition filed by its lenders in the National Company Law Tribunal for defaulting on payments.

FRL was part of 19 companies set to be transferred to Reliance Retail in a Rs.24,713 crore deal announced in August 2020.

The deal was canceled last month by billionaire Mukesh Ambani-led Reliance Industries.

After that, there was an exodus of people from the board and other levels in several companies of the Future Group.

Ashni Biyani, daughter of Kishore Biyani, resigned as managing director of Future Consumer Ltd (FCL) on Thursday.

Earlier this month, FCL’s independent director Adhiraj Harish resigned from the company’s board.

Last month Future Lifestyle Fashions Ltd Chairman Shailesh Haribhakti resigned, noting that “volatile, complex and unpredictable legal and financial circumstances have taken unexpected turns and the Board’s recommendation to find solutions has not met with momentum .” PTI KRH DRR

Leave a Reply

Your email address will not be published. Required fields are marked *