Ashni Biyani resigns as MD of Future Consumer

PTI, May 14, 2022, 9:52 AM IST

Credit: Reuters photo

Ashni Biyani, daughter of Future Group’s Chairman Kishore Biyani, has resigned as the Managing Director of Future Consumer Ltd (FCL). Ashni Biyani’s resignation has been accepted by the board.

However, she would continue on the board and serve as the Non-Executive Director of the company, a regulatory filing from FCL said. Besides, the board has also appointed Samson Samuel as Chief Executive Officer of the company with effect from May 12.

”Ms Ashni Biyani has informed the company that she has resigned … due to her personal constraints and challenges due to which she is unable to dedicate necessary time and attention on the affairs of the company,” the company said.

Earlier this month, FCL’s Independent Director Adhiraj Harish had resigned from the board of the company. FCL is the FMCG arm of Kishore Biyani-led Future Group and was part of the 19 companies which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd last month. After this, there was an exodus of people from the board and other levels in several Future group companies. Last week, Future Retail’s Managing Director Rakesh Biyani had stepped down, while officials including the company secretary of the debt-ridden firm tendered resignation.

The company, a flagship firm of the Kishore Biyani-led Future Group, now faces an insolvency petition filed by its lenders before the National Company Law Tribunal.