Guys I was able to fix this issue. Here are the steps :
Open the following file inside the plugin /shortcodes/text/assets/js/text.js
Add the following code after
$(document).ready(function () {
$.WR_Text();
NEW CODE
/***TEMP FIX VERSION 4.3 by Vik***/
jQuery('body').on('click','#param-text-html',function(){ return false; });
jQuery('body').on('click','#param-text-tmce',function(){ return false; });
jQuery('body').on('click','#param-text-html',function()
{
tinymce.remove(tinymce.get('param-text'));
jQuery(this).closest('#wp-param-text-wrap').addClass('html-active');
jQuery(this).closest('#wp-param-text-wrap').removeClass('tmce-active');
});
jQuery('body').on('click','#param-text-tmce',function(){
init1 = tinyMCEPreInit.mceInit['param-text'];
tinymce.init( init1 );
jQuery(this).closest('#wp-param-text-wrap').removeClass('html-active');
jQuery(this).closest('#wp-param-text-wrap').addClass('tmce-active');
});
/** END TEMP FIX **/