Mahindra -; Mahindra-led Italian arm completes liquidation process

19 Jan 2022 , 09:47 AM

MSPE Urja S.r.l., (MSPE), incorporated in Italy, 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) which in turn is a wholly owned subsidiary of Mahindra & Mahindra Limited had filed for voluntary liquidation and upon receipt of the Order of Chamber of Commerce, Italy dated January 18, 2022, has been liquidated and has ceased to be in existence with effect from the said date.

Pursuant to the same, MSPE has ceased to be a Subsidiary of MSPL and consequently that of MHL and the Company with effect from January 18, 2022.

MSPE had a total Turnover of Euro 111,685 (Rs95,87,040) for the year ended March 31, 2021, constituting 0.001% of the consolidated turnover of the Company as of March 31, 2021. The Net Worth of MSPE as on March 31, 2021 was Euro 58,971 (Rs50,62,071) constituting 0.001% of the consolidated net worth of the Company.

“The Quotaholders of MSPE had at their Meeting held on March 5, 2021 passed a Resolution for Voluntary Liquidation of MSPE and had appointed a Liquidator and thereafter, MSPE has not undertaken any business operations,” company said in a filing on Tuesday.

At around 9.50 am, Mahindra & Mahindra Ltd was trading at Rs894.20 per piece up by Rs2.75 or 0.31% from its previous closing of Rs891.45 per piece on the BSE.

‘No plans to restructure the Company into 3 verticals’

In a separate filing, the company also issued clarification on a news item in certain section of the Media on January 18, 2022 inter alia mentioning about the Company considering restructuring its business.

As there has been some speculation in the media, the Company on its own considers it necessary to clarify to the stock exchange that there are no plans to restructure the Company into 3 verticals.

The Company has complied with and continues to comply with the relevant disclosure norms under the Listing Regulations. The Company has in the past been consistently disclosing many of its plans in its Press Release and Interactions during Earnings Call with Analysts and Media all of which has also been transparently disclosed to the Stock Exchanges. These include the following:-

• The Company is focused on fortifying its Core Businesses,
• Unlocking Value with Growth Gems and
• Building new age digital platforms