In re Everblue Apparel Limited (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai Bench, allowed the company scheme application filed by Everblue Apparel Limited (EBAL), the Transferor Company, and Raymond Limited (RL), the Transferee Company, seeking directions in relation to a Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013.
The application sought dispensation of meetings of the equity shareholders, secured creditors, and unsecured creditors of both applicant companies in connection with the proposed amalgamation.
The Board of Directors of Everblue Apparel Limited approved the Scheme on 23.01.2026, while the Board of Raymond Limited approved it on 27.01.2026. The appointed date under the Scheme is 01.04.2026.
The Scheme provides for the amalgamation of Everblue Apparel Limited with Raymond Limited and the dissolution of the transferor company without winding up. It also contains provisions relating to consequential matters connected with the amalgamation. The Scheme is divided into three parts dealing with definitions and share capital, the amalgamation, and the general terms and conditions.
Everblue Apparel Limited, incorporated on 14.03.2000, is engaged in converting denim fabrics into readymade garments on a contractual basis and is a wholly owned subsidiary of Raymond Limited. Raymond Limited, incorporated on 10.09.1925, is a listed public company engaged in manufacturing denim fabric, denim garments, engineering, and aerospace businesses through its joint ventures and subsidiaries. Its equity shares are listed on the BSE and NSE.
