By PTI Mar 31, 2022 9:49:23 PM IST (Published)
The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd business to Raymond Ltd.
The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd business to Raymond Ltd.
Recommended Articles
View All
Bottomline | SEBI ticks the right boxes, but…
Apr 1, 2023 IST4 Min(s) Read
India’s foreign trade policy aims to make rupee stronger — here’s how it may work
Mar 31, 2023 IST5 Min(s) Read
IT increments this year will be the lowest in a decade — sans 2020, finds survey
Mar 31, 2023 IST3 Min(s) Read
Data Security in BFSI: How to strengthen cybersecurity in the financial services industry
Mar 31, 2023 IST5 Min(s) Read
In September 2021, board of Raymond had approved demerging the B2C business, including apparels, of Raymond Apparel Ltd (RAL), on a going concern basis to merge with the company itself.
"The NCLT Mumbai Bench has on March 23, 2022 pronounced the order sanctioning the scheme with the appointed date of the scheme as April 1, 2021," Raymond said in a regulatory filing on Thursday.
However, it also said it is yet to receive the certified true copy of the NCLT order.
Raymond in a filing on September 27, 2021 said with a focus to fast-track the recovery post pandemic, Raymond will consolidate its B2C business by transfer of apparel business into Raymond Ltd. This brings all major apparel brands including Park Avenue , Colorplus, Parx into Raymond Ltd.
Also Read:
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
