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.
In a chat with Zerodha co-founder Nikhil Kamath, Future Group founder shared how he discovered that going heavy debt was the pitfall and what led to it was his impulsive nature.
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.
The bankrupt retailer failed to attract resolution plans in previous attempts
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.
