On 31 March, the default in payment was due in some of the entities of the Kishore Biyani-controlled Future Retail group. In a related development, Future Retail’s Chief Executive Officer (CEO) Sadashiv Nayak on Thursday resigned from the post seven months after his appointment, according to a filing. Future Group CEO Kishore Biyani has been reappointed as executive chairman for three years, subject to regulatory approvals.
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Senior bank executives said the group entities —facing liquidity pressures — could not make payments on time. However, details about the dues with names of entities were not available. Going by the provision in the One-Time Restructuring plan, they have a 30-day duration period. Only when firms cannot make payments in this period would they slip into the wrong loan category, bankers said.
