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| Mahindra & Mahindra's Canadian Affiliate Resson Aerospace Corporation Dissolves Amid Diplomatic Tensions |
In the midst of a significant diplomatic upheaval between two nations, the Canadian-based affiliate company of the Indian automotive behemoth Mahindra & Mahindra, known as Resson Aerospace Corporation, has officially dissolved, according to a regulatory filing by the company. The timing of this development has spurred discussions on various social media platforms, yet the precise rationale behind this decision remains shrouded in mystery. Mahindra & Mahindra has refrained from issuing any official statement regarding this matter.
Mahindra & Mahindra, headquartered in Mumbai, held an 11.18 percent ownership stake in Resson Aerospace Corporation, which had initiated a voluntary winding-up process.
In a regulatory filing, Mahindra & Mahindra (M&M) confirmed, "Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was communicated to the company." Consequently, Resson has ceased to exist and is no longer affiliated with Mahindra & Mahindra, effective as of September 20, 2023.
"As a result of Resson's liquidation, the company is entitled to receive approximately 4.7 million Canadian Dollars (equivalent to ₹ 28.7 crore) as distribution of proceeds towards Class C Preferred Shares held by the company," stated M&M.
On the Bombay Stock Exchange (BSE), the shares of Mahindra & Mahindra were observed trading at ₹1,602.55 apiece, registering a decline of 1.93 percent.
Meanwhile, Canadian Prime Minister Justin Trudeau has reiterated his assertion that "Indian government agents" were potentially involved in the June killing of Hardeep Singh Nijjar, a Canadian citizen who was on India's list of wanted terrorists. Trudeau claimed there were "credible reasons to believe" this, although he did not present any supporting evidence.
India has vehemently rejected this allegation and has raised concerns about "politically sanctioned hate crimes and criminal violence" occurring in Canada. The Indian government pointed out that Canada has not shared any information regarding Nijjar's killing.
Furthermore, the Indian government has suspended visa services in Canada, citing "security threats" that have hindered the ability of their officials to perform visa-related functions.
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