Mumbai: The National Company Law Tribunal (NCLT) has approved Redmond’s comprehensive management and restructuring plan related to merger of residential business and consolidation of consumer retail units, paving the way for restructuring. bigger and better business. The NCLT’s approval governs the demerger of defunct entities, Raymond and Raymond Lifestyle, which will become transfer companies and Ray Global Consumer Trading will also be incorporated into the new structure.
After the reorganization plan takes effect, Raymond shareholders will receive 4 shares of Raymond Lifestyle for every 5 shares of Raymond they hold. Ray Global Consumer Trading shareholders will receive one Raymond Lifestyle equity share for each Raymond Lifestyle share. Equity shares of Raymond Lifestyle are listed on Advocate Hemant Sethi and De-vanshi Sethi of Hemant Sethi & Co, when talking about all companies.
The textile and residential sector is growing rapidly, with private management and organizations. This division is necessary to enable the management of various business enterprises and to improve the management systems.
This move will also help attract investment from stakeholders with specific expertise in each industry and help increase shareholder value by creating independent trading companies. The date of separation is fixed as April 1, 2023, the effective date of which will start from the date on which the NCLT order is communicated to the Registrar of Companies (ROC).
