Mahindra & Mahindra (M&M) recently disclosed that its associated company, Resson Aerospace Corporation, based in Canada, has officially ceased its operations. M&M held an 11.18% stake in Resson, which had initiated voluntary winding-up procedures.
In a regulatory filing, M&M stated, "Resson Aerospace Corporation, Canada, which is an Associate of the Company (‘Resson’), wherein the Company holds 11.18% stake (on a fully diluted basis) through Class C preferred Shares, had filed for voluntary winding-up." Resson received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was subsequently reported to M&M.
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As a result of this development, Resson is no longer in existence and is no longer considered an associate of M&M, effective from September 20, 2023. Furthermore, M&M mentioned, "Upon the liquidation of Resson, the company is entitled to receive approximately 4.7 million Canadian Dollars (equivalent to Rs 28.7 crore) as a distribution of proceeds towards Class C Preferred Shares held by the company."
It's worth noting that M&M had previously disclosed in an exchange filing that its associate firm, Resson Aerospace, had initiated voluntary winding-up procedures. This announcement comes at a time when diplomatic relations between India and Canada have faced challenges.
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