M&M's Canada-based associate firm winds up

Mahindra & Mahindra on Thursday said its Canada-based associate firm Resson Aerospace Corporation has ceased to exist.

The Mumbai-based automaker held 11.18 per cent stake in the firm which had filed for 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 1.93 per cent down at Rs 1,602.55 apiece on the BSE.