CP Toshniwal resigns as debt-ridden Future Retail chief financial officer

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CP Toshniwal resigns as debt-ridden Future Retail chief financial officer

C P Toshniwal, a Debt-ridden Future Retail Chief Financial Officer, resigned from the company on May 12. The resignation of Toshniwal is the latest addition to the string of resignations that started 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.

The company secretary of the debt-ridden firm, Future Retail's Managing Director Rakesh Biyani, stepped down last week, while the firm's Managing Director was stepping down.

C P Toshniwal- Chief Financial Officer of the Company has resigned with effect from the closure of business hours on May 12, 2022. He will cease to be a Key Managerial Personnel'' KMP of the Company, FRL said in a regulatory filing.

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

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

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

There were exodus of people from the board and other levels in several Future group companies after this.

On Thursday, Ashni Biyani, daughter of Kishore Biyani, resigned as Managing Director of Future Consumer Ltd FCL Earlier this month, FCL's Independent Director Adhiraj Harish resigned from the company's board.

A month ago, 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 has not been met with implementation impetus.