“The company was always my passion”, says Kishore Biyani while stepping down as chairman of Future Retail

“The company was always my passion, and I have done everything in my power for its growth,” says an emotional Kishore Biyani in his letter to the resolution professional Vijay V Iyer announcing his decision to step down from the role of the Executive Chairman and Director of Future Retail.

Mr Biyani, who started out as an entrepreneur with the incorporation of Manz Wear Private Ltd in 1987, and later founded the Future Group, further said in his resignation letter to the RP: “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 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 insights about the business and operations and the various hurdles faced by the earlier management. I believe me and the earlier management do no have anything more to share with you.”

Mr Biyani said in his letter that in spite of various hurdles in terms of scarcity of resources and personnel, the earlier management has taken all possible steps and action to support various requirements of the resolution professional.

Mr Biyani was holding the position of Chairman of the company despite the initiation of corporate insolvency resolution process (CIRP) against Future Retail, and suspension of the board and all rights of the board was vested with the resolution professional.

The resolution professional informed the exchanges that the resignation letter of Kishore Biyani will be placed before the Committee of Creditors. “Nothing herein should be construed as an acceptance of the contents of the resignation letter tendered by Mr Kishore Biyani, including in respect of his submissions in the resignation letter on information handover,” the resolution professional informed the exchanges.

The Mumbai bench of the National Company Law Tribunal (NCLT) on 20 June 2022 admitted Bank of India’s plea to initiate corporate insolvency resolution process (CIRP) against Future Retail for defaulting on a payment of Rs 856 crore. 

Many big names including Reliance Retail Ventures Ltd and Adani Group have shown interest in taking over the assets of Future Retail through the ongoing corporate insolvency resolution process.

Also See: Reliance Retail among 13 bidders vying for Future Retail business