Raymond, Subsidiary Receive ₹836.6 Million Tax Demand; Company Says No Financial Impact

Raymond on Monday announced that the company, along with its step-down subsidiary Ring Plus Aqua Ltd., has received demand notices worth ₹836.61 million from the income tax authority for assessment years 2019-20 and 2020-21. Of this, Raymond received a tax demand of ₹754.38 million, while Ring Plus Aqua’s share stood at ₹82.22 million, the company said in an exchange filing.

Raymond said all underlying assets and liabilities related to JK Investors (Bombay) Ltd., a promoter group entity, have already been sold. As a result, the demand will have no financial impact on the company or its subsidiary.

Raymond and Ring Plus Aqua are in the process of filing appeals before the Commissioner of Income Tax (Appeals) against the orders.