Scheme of Arrangement between the Company and Raymond Apparel (RAL), a wholly-owned subsidiary of the Company pursuant to Sections 230-232 and other relevant provisions of the Companies Act, 2013 and the Rules made thereunder providing for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (as defined in the Scheme) into the Company on a going concern basis ('the RAL Scheme').

The Board of Directors also granted in-principle approval to the Subsidiarization of Real Estate Business into a wholly-owned subsidiary by way of slump sale/ demerger or any other suitable mode/ arrangement.

To enable the aforementioned decisions, the Board of Directors granted its approval for withdrawal of the Composite Scheme of Arrangement between the Company, RAL, Raymond Lifestyle and SEPL ('the Scheme') which was approved by the Board at its meeting held on 07 November 2019. The withdrawal of the Scheme is not expected to have any adverse impact on operations of the Company.