NCLT approves transfer of Raymond’s apparel business to Raymond Ltd
The National Company Law Tribunal (NCLT) has approved the transfer of Raymond Apparel Ltd business to its parent firm Raymond Ltd.
The transfer will see all major apparel brands like Park Avenue, Colorplus, Parx merged into Raymond Ltd.
The company had requested the merger to fast-track the recovery post the disruptions caused by the Covid-19 pandemic.
In September 2021, the board of Raymond had given its nod for the merger of the apparel business with the parent firm.
"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.
The news of the merger comes at a time when there are reports floating around about Raymond’s plan to sale of its apparel retailing brands of Colorplus and Park Avenue.
Raymond Ltd has a store count of over 1,400 across all formats. The brand also sells online through its website and leading e-commerce platforms.
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