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Mahindra Bangladesh Pvt Ltd (MBPL), a wholly owned subsidiary of auto major Mahindra & Mahindra (M&M), has completely ceased operations. The company gave this information on Tuesday. M&M said in the statement that MBPL has called the last extraordinary general meeting of its shareholders on March 14, 2023 and approved the final voluntary winding up. It states that MBPL has been superseded and ceased to exist with effect from 14 March 2023. The shareholders of MBPL in a meeting held on September 14, 2022, had passed a resolution to wind up the entity and appoint a liquidator to complete the process of liquidation. Thereafter the company did not undertake any commercial operation.
company closed due to loss
MBPL had nil income from operations till March 31, 2022. The net income of MBPL was Rs 3.18 crore in the last financial year i.e. up to March 31, 2022. This was 0.01 percent of M&M’s consolidated net income. Let us tell you that even in India’s neighboring country Pakistan, car makers have stopped their operations. Toyota has closed the plant since last year. Toyota’s Pakistan assembler Indus Motor Company (IMC) had announced a complete shutdown of its production plant between 20 and 30 December. Toyota has also attributed the move to delays related to import clearances. During a corporate briefing session in November, the company said that the country’s central bank has imposed import restrictions and depreciating currency is making a dent in Pakistan’s auto sector.
Many small companies are also closing the plant
In Pakistan, not only Suzuki or Toyota, but many small companies are also suffering from the shortage of parts. Other companies such as local company Balochistan Wheels Limited (BWHL) have also made announcements. Millat Tractors Ltd also announced to shut down its production on Friday citing fall in demand for tractors in the country.
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