News: Future Enterprises CFO calls it quits

C-Suite

Future Enterprises CFO calls it quits

Dinesh Maheshwari has resigned as the Executive Director and Chief Financial Officer of the company with effect from the closure of the business hours on 31st December, 2020.
Future Enterprises CFO calls it quits

Kishore Biyani-led Future group firm Future Enterprises announced that its executive director and chief financial officer Dinesh Maheshwari has resigned from the company. Maheshwari's resignation was effective from 31st December, 2020, Future Enterprises, the supply chain, and logistics company of the Future group said in a regulatory filing.

"This is to inform you that, Dinesh Maheshwari, has resigned as the Executive Director and Chief Financial Officer of the Company with effect from the closure of the business hours on 31st December 2020," the company said.

In August last year, the Future group had announced a deal to sell its retail, wholesale, logistics, and warehousing units to the retail arm of billionaire Mukesh Ambani's Reliance Industries.

As per the 24,713 crore deal, certain Future group companies engaged in retail and wholesale business and the logistics and warehousing business will be merged into Future Enterprises and transferred to Reliance Retail Ventures Ltd (RRVL), a subsidiary of RIL. The deal is being contested by leading ecommerce major Amazon. 

Though the Indian retail sector has fared relatively well when we consider the circumstances in 2020, the Kishore Biyani-led Future Group had been facing a liquidity crunch amid the coronavirus pandemic that prompted it to agree to sell its assets to rival Reliance Retail.

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Topics: C-Suite, #Movements

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