The younger Biyani is now all set to re-enter the retail business with the launch of Broadway, which he says is a new-age departmental store that would only retail new-age digital first brands.
He estimates that there are some 50 lakh temples which have a micro-economy of their own as they employ and feed people, and are not considered, and there are many micro-economies such as this.
Biyani tendered his resignation from his position as the executive chairman of the company on January 23 this year.
Failing to make the payment will lead to the recovery officer initiating recovery proceedings in accordance with the extant provisions, SEBI warns Future.
Future has a shade over 550 stores left after RIL took over 830 stores for not paying rentals since early 2020. Of these, over 70% are defunct.
Future Retail shares have been falling for the past nine sessions and dropped 36% during the same period.
Future group companies hit their lower-price circuits for the second consecutive day as they failed to secure the ₹24,713 crore deal with RIL.
Shares of Future Lifestyle and Future Supply Chain nosedived 20%, while Future Retail and Future Enterprises dropped up to 10% after RIL called off the ₹24,713 crore deal.
From a peak of 1,400 stores, Future group is now left with around 550 stores. Of these, 70% are shut because of lack of stocks.
