HCL Infosystem’s attempt to sell Middle East unit falls through

HCL Infosystems said its deal to sell its Middle East and Africa unit for about Rs 7.34 cr has been canceled after the buyer failed to make payment. “The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA),” it said. “Since the Buyer has failed to pay […]

HCL Infosystems gets tax notice for Rs 312 cr plus penalties

HCL Infosystems, the India-focused IT arm of HCL Group, said it received a tax demand of Rs 312.34 cr plus interest and an amount equal to the interest amount as penalty. The company, which is already struggling with losses, did not specify the amount of interest involved or the year to which the dues relate. […]