Mahindra & Mahindra (M&M) has confirmed the cessation of operations of its associate company, Resson Aerospace Corporation, located in Canada. M&M held an 11.18 percent stake in Resson, which had initiated voluntary winding-up proceedings.
In a regulatory filing, M&M stated, “With reference to the captioned subject, we would like to inform you that Resson Aerospace Corporation, Canada, which is an Associate of the Company (‘Resson’) wherein the Company holds 11.18 percent stake (on a fully diluted basis) through Class C preferred Shares, had filed for voluntary winding-up.”
The filing continued, “Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company.”
Effective September 20, 2023, Resson has ceased to exist and is no longer considered an associate of M&M.
M&M also noted, “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.”
The announcement about Resson Aerospace’s voluntary winding-up came at a particular time.
