Future Group to delay financial results due to vacancies on boards

By

Isabelle Crossley

Published
May 26, 2022

Future Group’s recent number of high level executive exits has left its Board of Directors unable to approve the business’ audited financial results for the fourth quarter of the 2022 financial year, which has necessitated a delay.

Future Group announced in a regulatory filing that it is unable to convene a board meeting to approve its fourth quarter financial results before May 30, ET Bureau reported. The number of vacancies on the boards of Future Retail Limited, Future Lifestyle Fashion, Future Supply Chain Solutions, and Future Enterprises are too high at present.
 
“Pursuant to cessation/ resignation of a few directors in recent past, the composition and structure of the Board of Directors and Audit Committee of the Company has become imbalanced and not in compliance with the provisions of the Companies Act, 2013 and the SEBI Regulations, 2015,” Future Retail Limited in its regulatory filings, accessed by Business Standard. 

The business will publish its financial results as soon as its Board of Directors and Audit Committee have been complied and are statutorily capable to approve the results. As the business has defaulted on loans, Future Group is currently facing an insolvency petition filed by its lenders at the National Company Law Tribunal.
 
Future Group’s flagship business Future Retail Limited saw several high level executives leave the business following the scrapping of the planned deal with Reliance Retail. The business’ chief financial officer C P Toshniwal, company secretary Virendra Samani, and managing director Rakesh Biyani all recently resigned from the company. Future Lifestyle Fashion’s chairperson Shailesh Haribhakti also recently resigned.