Mahindra & Mahindra’s partner firm in Canada closes its doors.
The Mumbai-based automaker owned 11.18 percent of the company that had filed for voluntary liquidation.
Resson Aerospace Corporation, a subsidiary of Mahindra & Mahindra, suspended operations on Thursday. The Mumbai-based automaker owned 11.18 percent of the company that had filed for voluntary liquidation.
“Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company,” Mahindra & Mahindra (M&M) stated in a regulatory statement.
As a result, Resson has ceased to exist and has also ceased to be an affiliate of the company as of September 20, 2023, it added.
“Upon the liquidation of Resson, the company is entitled to approximately 4.7 million Canadian Dollars (equivalent to Rs 28.7 crore) as a distribution of proceeds towards Class C Preferred Shares held by the company,” M&M stated. On the BSE, M&M shares were trading 1.93 percent lower at Rs 1,602.55.