Shailesh Haribhakti, the Chairperson of Future Lifestyle Fashions Limited, has put down his papers.
Media reports claimed this while adding Shailesh, who is also the independent Director of Future Lifestyle Fashions, resigned observing that ‘board’s recommendation to find solutions has not been met with implementation impetus’.
The Chairperson of Future Lifestyle Fashions, who had chaired meetings of shareholders and creditors of Future Group entities that were called to vote on the Rs. 24,713 slump sale deal with Reliance Retail, after he was given the charge by the National Company Law Tribunal (NCLT), has, reportedly, added further that the board’s recommendation to find solutions has not been met with implementation impetus while, reportedly, underlining volatile, complex and unpredictable legal and financial circumstances have taken unexpected turns.
It may be mentioned here almost 21 months after signing an agreement with Future Group to acquire its retail, wholesale, logistics and warehousing assets, Reliance Industries Ltd. had called off the transaction as secured creditors of the latter have voted against it.
