Mahindra & Mahindra, on Tuesday, said its wholly-owned unit, Mahindra Bangladesh Pvt Ltd, has ceased to exist.
Mahindra Bangladesh Pvt Ltd (MBPL) convened the final extraordinary general meeting of its shareholders on March 14, 2023, and approved the final voluntary winding up, Mahindra & Mahindra (M&M) said in a statement.
Hence, MBPL has been liquidated and has ceased to be in existence with effect from March 14, 2023, it added.
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MBPL had zero income from operations as on March 31, 2022.
The net worth of MBPL, as on March 31, 2022 stood at ₹3.18 crore, constituting 0.01 per cent of the consolidated net worth of the Mumbai-based auto major, M&M noted.
The shareholders of MBPL, at a meeting held on September 14, 2022, had passed a resolution proposing the winding up of the unit and the appointment of a liquidator for completing the process of winding up.
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Thereafter, MBPL did not undertake any business operations.
M&M had incorporated MBPL in 2019 to carry out multiple activities, including distributing and research and development, for all kinds of passenger, transportation, and utility vehicles.