Mahindra & Mahindra shuts down Bangladesh operations

15 Mar 2023 , 03:07 AM

Mahindra & Mahindra announced on Tuesday that its wholly-owned subsidiary Mahindra Bangladesh Pvt Ltd has ceased operations. 

Mahindra Bangladesh Pvt Ltd (MBPL) held its final extraordinary general meeting of shareholders on March 14, 2023, and approved the final voluntary winding up, according to a statement from Mahindra & Mahindra (M&M).

As a result, MBPL has been liquidated and will cease to exist on March 14, 2023, it added.

According to M&M, MBPL’s net worth as of March 31, 2022, was Rs3.18 crore, accounting for 0.01% of the consolidated net worth of the Mumbai-based auto major.

At a meeting on September 14, 2022, the shareholders of MBPL passed a resolution proposing the winding up of the unit and the appointment of a liquidator to complete the winding-up process.

MBPL reported no income from operations as on March 31, 2022.

M&M established MBPL in 2019 to carry out a variety of activities, including the distribution, research, and development of all types of passengers, transportation, and utility vehicles.

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