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Mahindra & Mahindra announced that the Company has received an intimation from Mahindra Holidays & Resorts India, a listed subsidiary of the Company ("MHRIL") as under:
(a) Caribia Service Oy, Finland (Caribia), subsidiary of Holiday Club Resorts Oy, Finland, (HCR), a step-down subsidiary of MHRIL, has been liquidated with effect from 04 July 2016. Consequently, Caribia ceased to be a subsidiary of HCR, MHRIL and in turn of the Company and all the assets lying in its books were transferred to HCR being the sole shareholder of Caribia.
(b) Holiday Club Resorts Oy, Finland, step-down subsidiary of MHRIL and in turn of the Company, had entered into the Joint Venture (JV) Agreement with City of Kuusamo, (JV partner) for establishment of Tropiikin Rantasauna Oy (JV Entity).
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