Vishal Retail Ltd has informed BSE that Ambeek Khemka, designated as group president of the Company, has put down his papers and is no more associated with the Company. This services have been discontinued with effect from February 2, 2010.
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. Last year in 2009, three key management people had also resigned from the company.
The retail chain operates 180 showrooms in 100 cities and 24 states.
— IndiaRetailing Bureau