HCL Infosystems has decided to scrap the deal with Axis Investment Incorporated, to sell its subsidiary.
In a regulatory filing the company stated, “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 has decided to terminate the SPA.”
The company in February stated, HCL Insys, Singapore will sell its entire investments in subsidiary HCL Infosystems MEA FZE along with step down subsidiary of HCL MEA to Axis Investment Incorporated. Furthermore, the acquisition value was 4.12 million dirham, including borrowings of HCL MEA of 2.42 million dirham that was to be taken over by the buyer.