Future Retail’s CFO, C.P. Toshniwal Quits

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Future Retail’s CFO, C.P. Toshniwal Quits
16 May 2022
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News Synopsis

C.P. Toshniwal Chief Financial Officer of Debt-ridden Future Retail left the company on May 12th. Toshniwal's resignation is the latest in a series of resignations that began last month after billionaire Mukesh Ambani-led Reliance Industries closed trading at Rs 24.713 billion after creditors voted against it.

Last week, Future Retail managing director Rakesh Biyani resigned, and officials, including the corporate secretary of a debt-bearing company, offered to resign.

FRL, the flagship company of Kishore Biyani-led Future Group, is currently facing bankruptcy filed by a lender with the National Company Law Tribunal for default on payments.

FRL was part of 19 companies to be transferred to Reliance Retail in a transaction of Rs 24,713 crore announced in August 2020. Ashni Biyani, daughter of Kishore Biyani, resigned as Managing Director of Future Consumer Ltd (FCL) on Thursday.

Earlier this month, the independent director of FCL, Adhiraj Harish also resigned from the board of the company. Future Lifestyle Fashions Ltd Chairperson, Shailesh Haribhakti resigned last month.

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