Debt-ridden Future Retail CFO CP Toshniwal resigns

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Future Retail CFO CP Toshniwal resigns

New Delhi:

Future Retail’s debt-ridden CFO, CP Toshniwal, has resigned from the company, effective May 12.

Toshniwal’s resignation is the recent addition to a string of resignations that began after the Rs 24,713 crore deal was canceled last month by Reliance Industries-led billionaire Mukesh Ambani after creditors voted against it.

Last week, Future Retail chief executive Rakesh Biyani resigned, while officials including the debt-ridden company’s general secretary tendered their resignations.

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“CP Toshniwal – Chief Financial Officer of the Company has resigned effective at close of business on May 12, 2022. Accordingly, he will also cease to be a ‘Key Management Personnel’ (KMP) of the Company,” FRL said in a regulatory filing.

FRL, a flagship company of the Future Group led by Kishore Biyani, is now facing an insolvency petition filed by its lenders in the National Company Law Tribunal because it was in default.

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FRL was among 19 businesses to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020.

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

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

On Thursday, Ashni Biyani, daughter of Kishore Biyani, resigned as Managing Director of Future Consumer Ltd (FCL).

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

Last month, the chairman of Future Lifestyle Fashions Ltd, Shailesh Haribhakti, resigned, observing that “volatile, complex and unpredictable legal and financial circumstances have taken unexpected turns, and the board’s recommendation to find solutions has not was followed by a push for implementation.

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