Mahindra & Mahindra on Tuesday said its wholly-owned unit Mahindra Bangladesh Pvt Ltd has ceased to exist.

Unleash the Trader in You Banner

Mahindra Bangladesh Pvt Ltd (MBPL) convened the final extraordinary general meeting of its shareholders on March 14, 2023 and approved the final voluntary winding up, Mahindra & Mahindra (M&M) said in a statement.

Hence, MBPL has been liquidated and has ceased to be in existence with effect from March 14, 2023, it added.

MBPL had zero income from operations as on March 31, 2022.

The net worth of MBPL, as on March 31, 2022 stood at Rs 3.18 crore, constituting 0.01 per cent of the consolidated net worth of the Mumbai-based auto major, M&M noted.

The shareholders of MBPL, at a meeting held on September 14, 2022, had passed a resolution proposing winding up of the unit and appointment of a liquidator for completing the process of winding up.

Thereafter, MBPL did not undertake any business operations.

M&M had incorporated MBPL in 2019 to carry multiple activities, including distributing, research and development, of all kinds of passenger, transportation and utility vehicles. PTI MSS SHW

To stay updated with the Latest Stock Market news, download our app here!

For editorial purposes, contact news@tradebrains.in

Start Your Stock Market Journey Today!

Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!