Mumbai-based Mahindra & Mahindra held 11.18 per cent stake in Rayson Aerospace Corporation.
During the ongoing diplomatic confrontation between Canada and India, Indian auto-maker Mahindra & Mahindra's Canada-based subsidiary Rayson Aerospace Corporation has ceased to exist. This information has been given by the company in a regulatory filing. There has been speculation on social media about the timing of the incident, but no clear reason has been revealed, and Mahindra & Mahindra has not issued any statement about it at the moment.
Mumbai-based Mahindra & Mahindra held 11.18 per cent stake in the company, and the company had applied for a wind-up on its own free will.
"Resson has received a Certificate of Dissolution from Corporations Canada on September 20, 2023, which has been communicated to the company," Mahindra & Mahindra (M&M) said in a regulatory filing.
As a result, Resson ceased to exist and has not been an affiliate of M&M since September 20, 2023, according to regulatory filings.
"At the end of Resson, the company is entitled to receive approximately 47.28 million Canadian dollars (approximately ₹7.<> crore) for the Class C preferred shares held by it," M&M said.
Following this, M&M shares were trading at ₹1,93.1, down 602.55 per cent on the Bombay Stock Exchange (BSE).
Canadian Prime Minister Justin Trudeau has reiterated his allegation that "Indian government agents", who were Canadian nationals and wanted terrorists in India, were involved in the killing of Hardeep Singh Nijjar in June. Trudeau said there were "credible reasons" to believe it, but offered no evidence.
India has rejected the charge with outrage and has openly said that "hate crimes and criminal violence with political patronage" continue to take place in Canada. The Indian government also said that Canada has not shared any information related to Nijjar's murder.
In addition, the Indian government has suspended visa services in Canada citing "security threats".