True patriotic! Mahindra Group to wind up its Canada-based subsidiary Resson Aerospace

Showing they are truly patriotic, Anand Mahindra-led Mahindra group has decided to wind up its Canada-based subsidiary Resson Aerospace, after Justine Trudeau alleged India of killing Khalistani Terrorist Hardeep Singh Nijjar.

 

 

The company filed for a voluntary winding-up, said M&M in its stock exchange filing on Thursday. M&M holds an 11.18% stake on a diluted basis through Class C preferred shares in Resson Aerospace. The company is set to receive Rs 28.7 crore from the dissolution.

 

After the announcement, company shares fell in the stock market. The company shares were trading 2.22% lower at ₹1597.80 per share on BSE at 11:30 am. “Resson has received a Certificate of Dissolution from Corporations Canada dated 20th September 2023, which was informed to the Company on 20th September 2023 at 8.19 p.m. Consequent to the above, Resson has ceased to be in existence and has also ceased to be an Associate of the Company under the Indian Accounting Standards (IndAS) with effect from 20th September 2023," said M&M in its stock exchange filing on Thursday.

 

 

 

The dissolution means that the Canadian firm no longer exists, with Mahindra receiving compensation for the Class C preferred shares it held in the company.

 

The latest development comes amid rising tensions between India and Canada following Canadian Prime Minister Justin Trudeau's announcement of an investigation into what he calls "credible allegations" linking officials in New Delhi to the murder of Khalistani terrorist Hardeep Singh Nijjar.

 

In response to these allegations, New Delhi has swiftly dismissed them as "absurd" and has called upon Canada to take action against anti-India elements that are believed to be operating within its borders.

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