On Thursday Mahindra & Mahindra said its Canada-based associate firm Resson Aerospace Corporation has ceased to exist.
The automaker from Mumbai owned 11.18 per cent of the company that had requested a voluntary winding-up.
“Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company,” Mahindra & Mahindra (M&M) said in a regulatory filing.
Consequent to this, Resson has ceased to be in existence and has also ceased to be an associate of the company with effect from September 20, 2023, it added.
“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 said.
Shares of M&M were trading 3 per cent down at Rs 1,585 apiece on the BSE