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HCL Infosystems update on sale of HCL Infosystems MEA FZE

Capital Market 

Deal gets terminated as buyer fails to pay consideration

Infosystems announced that Insys, (seller) was to sell its entire investments in its subsidiary namely Infosystems MEA FZE (HCL MEA) along with step down subsidiary of HCL MEA to (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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 09:24 IST