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Against the backdrop of a diplomatic controversy between India and Canada, Resson Aerospace Corporation, the Canada-based associate firm of Indian automotive giant Mahindra & Mahindra (M&M), has officially ceased operations. The unexpected timing of this development has triggered speculations on social media, yet no official statement has been released by Mahindra & Mahindra regarding the matter.
M&M, headquartered in Mumbai, held an 11.18 percent stake in Resson Aerospace Corporation, which had voluntarily filed for winding-up proceedings.
In a regulatory filing, M&M confirmed, “Resson has received a Certificate of Dissolution from Corporations Canada dated September 20, 2023, which was informed to the company.” Consequently, Resson Aerospace Corporation has not only dissolved but also ceased to be associated with M&M, effective as of September 20, 2023.
M&M disclosed further details, stating, “Upon liquidation of Resson, 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.”
The news had an impact on M&M’s stock prices, with shares trading 1.93 percent lower at ₹1,602.55 apiece on the Bombay Stock Exchange (BSE).
The timing of Resson Aerospace Corporation’s dissolution has raised questions due to the ongoing diplomatic tensions between India and Canada. Canadian Prime Minister Justin Trudeau recently repeated allegations of the involvement of “Indian government agents” in the June killing of Hardeep Singh Nijjar, a Canadian citizen wanted in India for alleged terrorist activities. Although Trudeau claimed “credible reasons to believe” this, no concrete evidence was presented.
India has vehemently denied these allegations and, in response, highlighted concerns over “politically condoned hate crimes and criminal violence” in Canada. The Indian government also noted that Canada has not shared any information regarding Nijjar’s killing.
Further intensifying the situation, the Indian government suspended visa services in Canada, citing “security threats” that hindered their officials from conducting visa-related tasks.
The dissolution of Resson Aerospace Corporation amid these diplomatic tensions adds a new layer of intrigue to the evolving relationship between India and Canada, leaving questions about the motives behind the move unanswered.
Sources By Agencies
