
Kishore Biyani withdraws resignation as Future Retail executive chairman
Biyani tendered his resignation from his position as the executive chairman of the company on January 23 this year.
Biyani tendered his resignation from his position as the executive chairman of the company on January 23 this year.
CCI in December 2021 levied a ₹200 cr penalty on Amazon while suspending the Amazon-Future deal approved in 2019, saying Amazon deliberately failed to make full disclosures regarding the deal.
Extending loss for the 10th straight session, Future Enterprises shares hit a 5% lower circuit to touch a 52-week low of ₹3.72 on the BSE.
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.
Reliance says the secured creditors voted against RIL's scheme of the arrangement, and that the deal can't be implemented.
Kishore Biyani’s Future group shares plunged up to 12% after bankers to the debt-laden company rejected Reliance Retail’s proposed takeover bid.
Future Retail says Reliance Group has unilaterally terminated leases and forcefully taken over control of hundreds of its stores.
Shares of Future Retail dropped 5.86% to hit a low of ₹45.8 on the BSE after it received termination notices for 947 stores, which it had sub-leased from the Reliance group.
The final award of the Singapore International Arbitration Centre (SIAC) in the Amazon petition is expected to decide the fate of the RIL-Future deal.