Mahindra & Mahindra's Canada-based associate firm winds up
New Delhi (PTI): Mahindra & Mahindra on Thursday said its Canada-based associate firm Resson Aerospace Corporation has ceased to exist.
The Mumbai-based automaker held 11.18 per cent stake in the firm which had filed for a voluntary winding-up.
"Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company," Mahindra & Mahindra (M&M) said in a regulatory filing.
Consequent to this, Resson has ceased to be in existence and has also ceased to be an associate of the company with effect from September 20, 2023, it 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," M&M said.
Shares of M&M were trading 1.93 per cent down at Rs 1,602.55 apiece on the BSE
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Can't help economies of nations working against India: Dhankhar
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New Delhi (PTI): Vice President Jagdeep Dhankhar on Saturday said that people cannot help economies of nations, through import or travel, that are inimical to the interests of India.
His remarks came amid trade and tourism boycott of Turkiye and Azerbaijan following their support to Pakistan in the conflict with India after Operation Sindoor.
Addressing an event here, the vice president said every individual is empowered to help the nation in security. Trade, business, commerce, and industry in particular can play a pivotal role in security issues, he observed.
"Can we afford to empower countries that are inimical to our interests? Time has come when each one of us must deeply think about economic nationalism," he said.
Dhankhar said, "We can no longer afford, by travel or import, to improve economies of those countries because of our participation. And those countries, in times of crisis, are positioned against us."
He said everything has to be reckoned on the fulcrum of unflinching commitment to nationalism.
Turkiye has backed Pakistan and condemned India's strikes on terror camps in the neighbouring country and Pakistan-occupied Kashmir (PoK) under Operation Sindoor.
Pakistan also used Turkish drones on a large scale during the military conflict with India. Azerbaijan had also expressed support for Pakistan.
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