Indian auto giant Mahindra & Mahindra’s Canada-based associate firm named Resson Aerospace Corporation ceased to exist.
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Canada recently blamed India for Khalistani terrorist Hardeep Singh Nijjar’s killing. The accusation by the country met with strong resistance, with India taking significant steps against Canada. As the diplomatic firestorm took place between the two countries, Indian auto giant Mahindra & Mahindra’s Canada-based associate firm named Resson Aerospace Corporation ceased to exist. The company, in its regulatory filing, noted, “Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company.” Notably, Mahindra & Mahindra held an 11.18 per cent stake in the firm. Now, it has filed for a voluntary winding-up.
The company ceased to be an associate of Mahindra & Mahindra with effect from September 20, 2023. Mahindra & Mahindra added, “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.”
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After M&M stepped in with the decision to wind up in Canada, its shares were trading 1.93 per cent down at Rs 1,602.55 a piece on the BSE.
What is the ongoing India-Canada row?
Canadian Prime Minister Justin Trudeau claimed that “Indian government agents” were involved in the killing of Khalistani sympathiser Hardeep Singh Nijjar, who is a Canadian citizen. Trudeau added that there are “credible reasons to believe” but he had no evidence to support his claim.
India, on the other hand, firmly refuted the claims and flagged “politically condoned hate crimes and criminal violence” in Canada. To display the resistance, the Indian government also took some important measures. First, a Canadian diplomat was expelled in the aftermath of the ousting of an Indian diplomat. Alleging “Canadian diplomatic interference” in its internal affairs, India also asked Canada to trim the number of its diplomats in India.
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India also suspended visa services in Canada citing “security threats”. “You are aware of the security threats being faced by our High Commissions and Consulates in Canada … this has disrupted their normal functioning,” the ministry said.
