New Delhi, PTI. Big news is coming after the breakup of the deal of Reliance and Future Retail. It is that the Chief Financial Officer of the debt-ridden Future Retail Limited (FRL) CP Toshniwal has resigned on May 12. Toshniwal’s resignation came after the news of the company’s exit from the deal. Let us tell you that Mukesh Ambani’s Reliance Industries Limited (RIL) had canceled the deal worth Rs 24,713 crore with FRL. For this amount, Reliance could have acquired the flagship company of Ashok Biyani’s troubled Future Group.

Rakesh Biyani, managing director of Future Retail, had resigned last week along with the company secretary as well as other executives of the company. FRL said in a regulatory filing that it is to inform you that CP Toshniwal – the Chief Financial Officer of the company has resigned on May 12, 2022. As a result, he will no longer be the Key Managerial Personnel (KMP) either. He ceased to be CFO and KMP with effect from May 12, 2022. Future Retail is now trying for bankruptcy proceedings before the National Company Law Tribunal after it defaulted on debt repayment.

FRL was one of the 19 companies that were to be transferred to Reliance Industries as part of the August 2020 deal, which ran into trouble due to legal cases filed by Amazon India, a shareholder in Future Coupons- FRL was a holding company. FRL has seen several resignations after the cancellation of the RIL deal last month.

On Thursday, Ashni Biyani, daughter of promoter Kishore Biyani, had resigned as the managing director of Future Consumer Limited (FCL). FCL’s independent director Adhiraj Harish had resigned from the company’s board last month.

Edited By: Ashish Deep