The Mumbai-based automaker held 11.18 percent stake in the company, which had filed for voluntary liquidation.
Mahindra & Mahindra announced on Thursday that its Canada-based partner Resson Aerospace Corporation is no longer in existence. The Mumbai-based automaker held 11.18 percent stake in the company, which had filed for voluntary liquidation.
“Resson has received a certificate of dissolution from Corporations Canada dated September 20, 2023, which has been communicated to the company,” Mahindra & Mahindra (M&M) said in a regulatory filing.
As a result, Resson no longer exists and is no longer an associated company with effect from September 20, 2023, it said.
“Following the liquidation of Resson, the company is entitled to approximately C$4.7 million (equivalent to Rs 28.7 crore) as distribution of proceeds for the Class C preference shares held by the company,” M&M said. Shares of M&M were trading down 1.93 per cent at Rs 1,602.55 apiece on the BSE.
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