Mahindra & Mahindra shuts operations in Bangladesh
Ten News Network
New Delhi (India), 15th March 2023: On March 14, 2023, Mahindra Bangladesh Pvt Ltd (MBPL) called its last extraordinary general meeting of shareholders, at which the final voluntary winding up was authorised, according to a statement from Mahindra & Mahindra (M&M).
Accordingly, MBPL has been dissolved and has ceased to exist as of March 14, 2023, it continued.
MBPL had no operating revenue as of March 31, 2022. According to M&M, the net value of MBPL as of March 31, 2022 was Rs 3.18 crore, or 0.01 percent of the combined net worth of the Mumbai-based auto giant.
A motion to wind up the unit and appoint a liquidator to complete the winding-up process was approved by the MBPL shareholders at a meeting held on September 14, 2022. Following that, MBPL stopped conducting any commercial activities.
In order to carry out a number of activities, including the distribution, research, and development of all types of passenger, transportation, and utility vehicles, M&M had established MBPL in 2019. However unfortunately the operation had to be shut down.