AGS Transact defaults on dues worth ₹386 million
The Hindu
AGS Transact Technologies defaults on ₹385.9 million obligations, faces financial strain and credit rating downgrades.
AGS Transact Technologies and its units defaulted in paying obligations worth ₹385.9 million ($4.44 million), the struggling payments services firm said.
The company and its unit Securevalue India "defaulted in the payment of principal repayment obligations for certain outstanding borrowings" worth ₹212.3 million, it said in an exchange filing late on Thursday.
The companies and another unit, India Transact Services, also delayed paying certain statutory dues, including tax liabilities worth ₹173.6 million due to delays in collecting payments from customers and invoicing certain unbilled amounts.
AGS Transact provides digital and cash-based solutions to banks and corporate clients, including ATM services.
The company and Securevalue owe a total of ₹7.19 billion to their creditors, which includes the State Bank of India and Axis Bank, the company said.
The latest development follows a string of financial difficulties for the Indian firm, including a threat of insolvency proceedings from Maxwel Aircon India, one of its creditors, over alleged unpaid dues.
SBI, Axis Bank and Maxwel Aircon did not immediately reply to Reuters' requests for comments.
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