On Thursday, Mahindra & Mahindra announced the closure of its Canadian-based affiliate company Resson Aerospace Corporation.
A brief about the associate company of Mahindra & Mahindra, situated in Canada, closes
The automaker from Mumbai owned 11.18 percent of the company that had requested a voluntary winding-up.
Mahindra & Mahindra (M&M) reported in a regulatory filing that “Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company.”
As a result, Resson has ceased to exist and has also stopped being a partner of the company as of September 20, 2023, it continued.
“Upon liquidation of Resson, the Company is entitled to receive approximately 4.7 million Canadian Dollars (equivalent to Rs. 28.7 crore) as distribution of proceeds towards Class C Preferred Shares held by the Company,” M&M stated.
M&M shares were down 1.93 percent at Rs 1,602.55 a share on the BSE.
