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Future Retail (FRL) CEO Sadashiv Nayak has resigned from the publish seven months after his appointment. An FRL submitting stated, “Sadashiv Nayak, who was appointed as Chief Government Officer efficient August 25, 2021, has tendered his resignation which is efficient from the closure of enterprise hours of March 31, 2022.”
It added Kishore Biyani, Future Group founder-CEO, has been reappointed government chairman of FRL for one more three years.
“Primarily based on the advice made by the Nomination and Remuneration Committee of the Firm, we hereby inform that Kishore Biyani, who holds the place of Government Chairman has been re-appointed for a interval of three years with impact from April 1, 2022,” it stated.
FRL’s director Rahul Garg had earlier resigned from the board. FRL has already defaulted on a fee of Rs 3,494.56 crore to banks in January beneath the OTR plan and the account has been declared as NPA by the lenders.
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