Vishal Retail’s Ambeek Khemka resigns

Taking the industry circles by surprise,city-based Vishal Retail said its Group President Ambeek Khemka has resigned from the company.

Taking the industry circles by surprise,city-based Vishal Retail on Wednesday said its Group President Ambeek Khemka has resigned from the company.

The development comes at a time when the retail major’s lenders are undertaking a debt restructuring programme to revive the company’s financial situation. Vishal Retail has a debt of around Rs 730 crore and the programme is being undertaken to streamline the debt repayment.

His resignation came into effect on February 2.

“Ambeek Khemka,designated as Group President of the company,has put down his papers and is no more associated with the company,” Vishal Retail said in a filing to BSE.

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According to industry sources,Khemka has moved out of the debt-ridden retailer seeking greener pastures.

Khemka was not available for comment.

There has been speculation in industry circles for past few months about some major reshuffle in the company as part of the corporate debt restructuring (CDR) exercise.

The dozen-odd lenders of Vishal Retail had started the CDR in November and Khemka had at the time said the exercise would be completed within 100 days.

The retail chain operates around 170 large format outlets across the country.

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