Mahindra & Mahindra (M&M) has recently confirmed the cessation of operations of its associated entity, Resson Aerospace Corporation, based in Canada. M&M, having held an 11.18 percent stake in Resson, reported that Resson had initiated voluntary winding-up procedures.
In an official regulatory filing, M&M stated, "Regarding the subject mentioned above, we wish to convey that Resson Aerospace Corporation, Canada, an associate company of M&M (hereafter referred to as 'Resson'), in which M&M held an 11.18 percent stake (on a fully diluted basis) through Class C preferred shares, has proceeded with a voluntary winding-up process."
The filing further added, "On September 20, 2023, Resson received a Certificate of Dissolution from Corporations Canada, and this development was duly communicated to our company."
With this development, Resson has effectively ceased to exist as an associate of M&M, effective as of September 20, 2023.
Moreover, M&M revealed, "Upon the completion of Resson's liquidation, our company is entitled to receive an approximate sum of 4.7 million Canadian Dollars (equivalent to Rs 28.7 crore) as a distribution of proceeds related to the Class C Preferred Shares held by our company."
It's noteworthy that this disclosure about Resson Aerospace's voluntary winding-up comes at a time when diplomatic relations between India and Canada have faced challenges and deteriorated.
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