Future Retail Chief Executive Officer Resigns

Future Retail chief executive officer resigns, Kishor Biyani will take over again. Future Retail (FRL) chief executive Sadashiv Nayak has resigned.

The company said on Thursday that his resignation was without any reason. He took over as chief executive just seven months ago.

Nayak has been with Future Group for nearly 18 years and was appointed chief executive at the end of August. He previously headed Big Bazaar, Future’s chain of small and large format grocery stores.

The resignation comes at a time when Future Retail is having a legal battle with Reliance Industries.

Amazon has halted the sale citing certain breaches of contract by Future and the matter is now in the Supreme Court of India.

FRL also said in a stock exchange filing on Thursday that Kishore Biyani, founder and CEO of Future Group, has been reappointed as executive chairman of Future Retail for a period of three years.

Future Group has been affected by the Corona pandemic and the group is struggling to repay its debt.

LPG cylinder becomes costlier by Rs 250.

Since April, the prices of LPG cylinders have been increased by more than Rs 250.

On Friday, the price of a 19 kg gas cylinder in Delhi has increased to Rs 2,253. In the last two months, the price of a 19 kg LPG cylinder has been increased by Rs 346 per cylinder.

But it is a matter of relief that this increase in prices has not happened in domestic LPG cylinders, but in commercial gas cylinders only.

Continuous increase after assembly elections.

After the assembly elections held in five states, the prices of petrol, diesel, and cooking gas are being increased continuously. On March 22, there was an increase of 50 in subsidized domestic LPG cylinders.

No change in prices after 6 October 2021.

Earlier, after 6 October 2021, there was no change in the rate of domestic LPG cylinders.

Today (April 1) i.e. on the first day of the new financial year, domestic LPG cylinder is available for Rs 949.50 in Delhi, Rs 976 in Kolkata, and Rs 949.50 in Mumbai, and Rs 965.50 in Chennai.