Paytm not to acquire Raheja QBE; to apply for new general insurance licence

The agreement was terminated by Paytm Insuretech as the share sale and purchase transaction was not consummated within the time period envisaged by the parties under the agreement

Paytm Insuretech -- an associate company of One97 Communications -- and Prism Johnson Ltd, who had entered into an agreement, wherein the former would have bought 51 per cent stake of the latter in Raheja QBE General Insurance, have decided to terminate the agreement as the share sale and purchase transaction was not consummated within the time period envisaged by the parties under the agreement.

In exchange notifications, both the companies said,” As the share sale and purchase transaction has not been consummated within the time period envisaged by the parties under the said agreement, the agreement has automatically terminated”.