Amid Diplomatic Storm, Mahindra’s Canada-Based Associate Firm Winds Up

The Mumbai-based automaker held 11.18% stake in the company.

New Delhi:

Amid a major diplomatic storm between the two countries, Lesson Aerospace Corporation, the Canada-based affiliate of Indian auto giant Mahindra & Mahindra, has ceased to exist, the company said in a regulatory filing. mentioned in. The timing has sparked speculation on social media, but the reason is not yet clear. Mahindra & Mahindra has not released any statement regarding this.

The Mumbai-based automaker held an 11.18% stake in the company, which had filed for voluntary liquidation.

“Lesson has received a certificate of dissolution dated September 20, 2023 from the Canadian entity and the same has been notified to the company,” Mahindra & Mahindra (M&M) said in a regulatory filing.

As a result, Lesson will cease to exist and will cease to be an affiliated company of the company from September 20, 2023, it added.

“Upon the liquidation of Lesson, the company will be entitled to approximately C$4.7 million (equivalent to Rs. 2,870 crore) as a share of the proceeds on its Class C preferred shares,” M&M said.

M&M shares were trading 1.93 per cent lower at Rs 1,602.55 per share on the BSE.

Canadian Prime Minister Justin Trudeau today reiterated his accusation that “Indian government officials” were involved in the June murder of Canadian national Hardeep Singh Nijjar, who was wanted in India. He said there was “reason to believe” that was the case, but offered no evidence.

India angrily rejected the claims and warned of “politically sanctioned hate crimes and criminal violence” in Canada. The government said Canada is not sharing any information about Nijjar’s murder.

The Canadian government has suspended visa operations in Canada, citing “security threats” that prevent officials from carrying out visa operations.

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