Shares of debt-ridden Future Retail surged five percent for the second day in a row to hit the upper circuit on Thursday after the company said that Kishore Biyani has withdrawn his resignation from the post of executive chairman and director.
Future Retail (FRL), which is going through the insolvency resolution process, in an exchange filing stated that Kishore Biyani has withdrawn his resignation by way of his letter dated March 10, 2023.
The Resolution Professional of FRL had raised objections to the contents of Biyani's resignation letter and had requested him to recall it.
The Resolution Professional (RP) last week filed a plea before the National Company Law Tribunal against former and present directors of FRL. The Resolution Professional quantified the potential loss that has been caused to the creditors of FRL to be Rs 14,809.44 crore, and sought a direction against present and former FRL directors to contribute such amount to the company.
The stock went on a spiral and touched 52-week low levels on Monday and Tuesday. FRL operated multiple retail formats under brands such as Big Bazaar, Easyday, and Foodhall. FRL was operating over 1,500 outlets in nearly 430 cities.
The company was dragged into insolvency proceedings by Bank of India after FRL defaulted on loans. FRL shares were trading 4.65 percent higher at Rs 2.70 apiece on BSE at 12:35 pm.
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