Future Retail's Chief Financial Officer C P Toshniwal steps down

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Debt-ridden Future Retail's Chief Financial Officer C P Toshniwal has resigned from the company, effectual May 12. Toshniwal's resignation is the caller summation to the drawstring of resignations that started aft the Rs 24,713-crore woody was called disconnected past period by the billionaire Mukesh Ambani-led Reliance Industries aft creditors voted against it.

Last week, Future Retail's Managing Director Rakesh Biyani stepped down, portion officials including the institution caput of the debt-ridden steadfast tendered resignation.

"C P Toshniwal - Chief Financial Officer of the Company has resigned with effect from the closure of concern hours of May 12, 2022. Consequent to the same, helium shall besides cease to beryllium a 'Key Managerial Personnel' (KMP) of the Company," FRL said successful a regulatory filing.

FRL, a flagship steadfast of the Kishore Biyani-led Future Group, present faces an insolvency petition filed by its lenders earlier the National Company Law Tribunal arsenic it has committed defaults.

FRL was portion of the 19 companies which were expected to beryllium transferred to Reliance Retail arsenic portion of a Rs 24,713-crore woody announced successful August 2020.

The woody was called disconnected by the billionaire Mukesh Ambani-led Reliance Industries past month.

After this, determination was an exodus of radical from the committee and different levels successful respective Future radical companies.

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

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

Last month, Future Lifestyle Fashions Ltd Chairperson Shailesh Haribhakti had resigned observing that "volatile, analyzable and unpredictable ineligible and fiscal circumstances person taken unexpected turns, and the board's proposal to find solutions person not been met with implementation impetus.

Also read: Future Consumer appoints Samson Samuel arsenic CEO, Ashni Biyani steps down

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