AGS Transact Technologies and its items defaulted in paying obligations worth ₹385.9 million ($4.44 million), the struggling funds companies agency mentioned.
The firm and its unit Securevalue India “defaulted in the payment of principal repayment obligations for certain outstanding borrowings” worth ₹212.3 million, it mentioned in an change submitting late on Thursday.
The corporations and one other unit, India Transact Services, additionally delayed paying sure statutory dues, together with tax liabilities worth ₹173.6 million attributable to delays in amassing funds from clients and invoicing sure unbilled quantities.
AGS Transact gives digital and cash-based options to banks and company shoppers, together with ATM companies.
The firm and Securevalue owe a complete of ₹7.19 billion to their collectors, which incorporates the State Bank of India and Axis Bank, the corporate mentioned.
The newest improvement follows a string of economic difficulties for the Indian agency, together with a risk of insolvency proceedings from Maxwel Aircon India, one among its collectors, over alleged unpaid dues.
SBI, Axis Bank and Maxwel Aircon didn’t instantly reply to Reuters’ requests for feedback.
The firm has been grappling with monetary pressure, resulting in credit standing downgrades from businesses Crisil and India Ratings, and the resignation of all 4 of its impartial administrators over “personal reasons.”
Published – March 07, 2025 10:46 pm IST
