Mahindra & Mahindra's Canada-based associate firm Resson Aerospace winds up operations

A Canada-based associate firm of Mahindra & Mahindra, Resson Aerospace Corporation, has wound up its operations, according to an exchange filing from the Indian auto major.

M&M had a 11.18% stake in the firm, which filed to voluntarily wind-up. The company is set to recieve Rs 28.7 crore from the dissolution.

"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.," M&M said in the regulatory filing.


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.

"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," says the filing.

"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 added.

Shares of M&M were trading 1.93% down at Rs 1,602.55 apiece on the BSE.