Home Business Future Retails CEO Sadashiv Nayak resigns amid authorized battle, debt restoration

Future Retails CEO Sadashiv Nayak resigns amid authorized battle, debt restoration

Future Retails CEO Sadashiv Nayak resigns amid authorized battle, debt restoration

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Future Retail’s chief govt Sadashiv Nayak has resigned, the corporate stated on Thursday, with out citing any causes, simply over seven months after he took the helm at certainly one of India’s largest retailers.

Nayak has been with Future Group for round 18 years and had been appointed chief govt in late August. He beforehand headed Massive Bazaar, Future’s chain of small and huge format grocery shops.

The departure comes because the retailer is mired in a long-drawn authorized battle with U.S. e-commerce large Amazon over a $3.4 billion sale of its retail belongings to rival Reliance Industries.

Amazon has blocked the sale, citing sure contract violations by Future and the case is now earlier than India’s Supreme Court docket. Future has denied any wrongdoing.

FRL additionally stated in Thursday’s inventory trade submitting that Kishore Biyani, founder and CEO of Future Group, was re-appointed as govt chairman of Future Retail for 3 years.

Future Group was hit exhausting by the pandemic and has been struggling to repay its debt. Folks conversant in the matter advised Reuters Indian lenders have initiated debt restoration proceedings in opposition to Future Retail to safeguard their pursuits.

Additionally Learn: Shapoorji Pallonji repays Rs 12,450 cr to lenders, exits debt resolution plan

Additionally Learn: Regional routes to power Indian carriers’ growth push post-pandemic

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