M-;M announces about voluntary liquidation of Mahindra Susten Bangladesh; Stock jumps 2%

15 Mar 2022 , 02:12 PM

Mahindra & Mahindra Limited informed the exchanges Tuesdayabout voluntary liquidation of Mahindra Susten Bangladesh Private Limited (MSBPL).

The company stock saw buying activity on Tuesday and at around 2.15 pm, Mahindra & Mahindra Ltd was trading at Rs757.45 per piece up by Rs13.8 or 1.86% from its previous closing of Rs743.65 per piece on the BSE.

The scrip opened at Rs747 and has touched a high and low of Rs768.90 and Rs746.50 respectively. 

“MSBPL, which is a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL) which in-turn is a wholly owned subsidiary of Mahindra Holdings Limited (MHL) and which in-turn is a wholly owned subsidiary of the Company, had convened the final extra ordinary general meeting of its shareholders on March 15, 2022 and approved the final voluntary winding up of MSBPL,” company said in a filing.

It added, MSBPL has been liquidated and has ceased to be in existence with effect from March 15, 2022. Pursuant to the above, MSBPL has ceased to be a Subsidiary of MSPL, MHL and that of the Company with effect from March 15, 2022.

MSBPL had Nil turnover of the Company as of March 31, 2021. The Net Worth of MSBPL, as on March 31, 2021 was Taka 930,029 (Rs7,99,825) constituting 0.0002% of the consolidated net worth of the Company.

“The shareholders of MSBPL at their Meeting held on October 24, 2021, had passed a Resolution proposing winding up of MSBPL and appointment of a Liquidator for completing the process of winding up. Thereafter, MSBPL has not undertaken any business operations,” company said.