“Venkateshwar is currently serving his notice period,” said one of the persons. Kumar is also a Future Group veteran of more than 15 years with the company.
Last month, Jain joined value retailer V-Mart Retail Ltd as the new chief operating officer. Aruni Mishra, business head for general merchandise at Big Bazaar, quit Future Group last month.
“People are exiting as how long can you stick around in this uncertainty?” asked another senior official of Future Group who is scheduled to leave the company early next year after more than a decade.
A Future Group spokesperson declined to comment on the exits.
In August, Reliance announced that it would acquire the nation’s second largest retail enterprise, Future Group, for Rs 24,713 crore in a deal that would give it control over more than a third of India’s $80 billion annual organised retailing business.
The departures of the senior executives are happening amid a case filed by Amazon in the Singapore International Arbitration Centre challenging the sell-off of Future Group's assets to Reliance. Amazon.com NV Investment Holdings LLC had accused Future Coupons – the promoter entity of
Amazon argues that according to the shareholder agreement of 2019 - when Amazon invested Rs 1,400 crore in Future Coupons – gives the US e-commerce giant the first right of refusal of purchasing stake in the entity that owns 7.3% of Kishore Biyani’s listed flagship, Future Retail.
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3 Comments on this Story
SAJID KHAN43 days ago
Even landlords of several properties haven't been paid
since March- 2020...we've also got our fixed commitments but no solution in sight.
Arun Sunder Kotian86 days ago
Lot of vendors are also unpaid...crearting devastating situation..
srinivas86 days ago
Its the bottom of the pyramid & middle mgmt which are hit the most with their careers!