02 April 2022, Mumbai:
Sadashiv Nayak, CEO, of Future Retail, has resigned from the post seven months after his appointment. Nayak was appointed as the CEO effective on August 25, 2021.
ALSO READ Future Retail asks court to declare arbitration with Amazon illegal
Kishore Biyani, Founder and CEO, Future Group has been reappointed as the Executive Chairman of Future Retail for another three years, the filing said.
FRL has already defaulted on a payment of Rs 3,494.56 crore to banks in January under the OTR plan and the account has been declared as NPA by the lenders.
RELATED NEWS Future Group firm's plea: Supreme Court (SC) reserves verdict
Future Retail, which operates various formats such as Big Bazaar, Koryo, Foodhall, and Easyday, is part of the 19 Future group companies, which would be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.
The deal is contested by e-commerce major Amazon and is under litigation at various forums including Supreme Court, Delhi high court, and Singapore International Arbitration Center.
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