https://sputniknews.in/20230922/india-canada-diplomatic-row-indian-automotive-firm-withdraws-from-canada-4379379.html
India-Canada Diplomatic Row: Indian Automotive Firm Withdraws From Canada
India-Canada Diplomatic Row: Indian Automotive Firm Withdraws From Canada
Sputnik India
As ties between the India-Canada remains tense, the Indian conglomerate and automotive firm Mahindra and Mahindra (M&M) Company’s Canada-based associate Resson Aerospace is all set to wind up its investment.
2023-09-22T15:32+0530
2023-09-22T15:32+0530
2023-09-22T15:32+0530
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Amidst the escalating tension between India and Canada, the renowned Indian multinational conglomerate, Mahindra and Mahindra (M&M) Company, has made the decision to withdraw its investment from its Canadian associate, Resson Aerospace.Though employees have yet to reveal the reason, the timing of the move has led to speculation on social media.The Mumbai-based automaker held an 11.18 per cent stake in Resson Aerospace, which has filed for voluntary liquidation. M&M acquired a stake in Resson Aerospace in 2018.Meanwhile, a concert by Canadian-based Punjabi singer Shubh, full name Shubhneet Singh, in the Indian city of Mumbai has been cancelled.Shubh, who has been accused of sympathizing with Khalistanis, is currently experiencing severe backlash due to an alleged social media post where he purportedly expressed support for Khalistani elements.
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India-Canada Diplomatic Row: Indian Automotive Firm Withdraws From Canada
Deexa Khanduri
Sputnik correspondent
The India-Canada diplomatic relations are facing challenging times due to Canadian Prime Minister Justin Trudeau's statement that connects Indian government "agents" to the assassination of Hardeep Singh Nijjar, a pro-Khalistan activist.
Amidst the escalating tension between India and Canada, the renowned Indian multinational conglomerate, Mahindra and Mahindra (M&M) Company, has made the decision to withdraw its investment from its Canadian associate, Resson Aerospace.
Though employees have yet to reveal the reason, the
timing of the move has led to speculation on social media.
The Mumbai-based automaker held an 11.18 per cent stake in Resson Aerospace, which has filed for voluntary liquidation. M&M acquired a stake in Resson Aerospace in 2018.
“Resson received a Certificate of Dissolution from Corporations Canada dated 20 September 2023, which was informed to the Company on 20th September 2023 at 8.19 p.m. Consequent to the above, Resson has ceased to exist and has also ceased to be an Associate of the Company under the
Indian Accounting Standards (IndAS) with effect from 20 September, 2023," said M&M in its stock exchange filing on Thursday.
Meanwhile, a concert by
Canadian-based Punjabi singer Shubh, full name Shubhneet Singh, in the Indian city of
Mumbai has been cancelled.
Shubh, who has been accused of sympathizing with Khalistanis, is currently experiencing severe backlash due to an alleged social media post where he purportedly expressed support for Khalistani elements.
