India's NCLT approves transfer of Raymond's apparel biz to parent firm

This brings all major apparel brands, including Park Avenue , Colorplus and Parx, into Raymond Ltd.

"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.

However, it also said it is yet to receive the certified true copy of the NCLT order.

With a focus to fast- track the recovery post pandemic, Raymond will consolidate its B2C business by transfer of apparel business into Raymond Ltd, Raymond had said in a filing on September 27, 2021.

Fibre2Fashion News Desk (DS)