Raymond Apparel biz transfer to parent firm approval: NCLT
01 April 2022, Mumbai:
The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd business to Raymond Ltd. In September 2021, board of Raymond had approved demerging the B2C business, including apparel, of Raymond Apparel Ltd (RAL), on a going concern basis to merge with the company itself.
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“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.
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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.
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CREDITS: ET cnbc18 Trade Brains India Express online (The news article has not been edited by DFU Publications staff).
