Disclosing its current status of operations post lockdown, the company said commodity prices have softened due to the pandemic.
The company had posted a net profit of Rs 67.70 crore during January-March quarter of the previous fiscal, Raymond said in a regulatory filing.
While some 400 were coerced into resignation, around 700 who did not do so were sacked.
Once the proposed scheme is approved by the NCLT, Raymond lifestyle business will not be required to pay any royalty to Raymond Ltd for its use of the brands.
The land parcel is in the heart of Thane and offers good potential for venturing into the real estate sector.