Deal gets terminated as buyer fails to pay consideration
HCL Infosystems announced that HCL Insys, Singapore (seller) was to sell its entire investments in its subsidiary namely HCL Infosystems MEA FZE (HCL MEA) along with step down subsidiary of HCL MEA to Axis Investment Incorporated (buyer).The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA). Since the buyer has failed to pay the consideration, which is a breach of Warranty, HCL Insys / seller has decided to terminate the SPA.
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