The indebted CFO of Future Retail CP Toshniwal is resigning

The indebted CFO of Future Retail CP Toshniwal is resigning

Debt-ridden Future Retail’s Chief Financial Officer C P Toshniwal has left the organization, viable May 12. Toshniwal’s resignation is the new expansion to the series of resignations that began after the Rs 24,713-crore deal was called off last month by the billionaire Mukesh Ambani-led Reliance Industries after creditors voted against it. Last week, Future Retail’s Managing Director Rakesh Biyani stepped down, while authorities including the organization secretary of the debt-ridden firm tendered resignation.

FRL, a flagship firm of the Kishore Biyani-led Future Group, now faces an insolvency petition filed by its lenders before the National Company Law Tribunal as it has committed defaults.

“C P Toshniwal Chief Financial Officer of the Company has resigned with effect from the closure of business hours of May 12, 2022. Consequent to the same, he shall also cease to be a Key Managerial Personnel’ (KMP) of the Company,” FRL said in a regulatory filing.

FRL was part of the 19 companies which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

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

The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries last month.

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

Earlier this month, FCL’s Independent Director Adhiraj Harish resigned from the board of the company.

Last month, Future Lifestyle Fashions Ltd Chairperson Shailesh Haribhakti had resigned observing that “volatile, complex and unpredictable legal and financial circumstances have taken unexpected turns, and the board’s recommendation to find solutions have not been met with implementation impetus.

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