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Payments firm AGS Transact defaults on dues worth 386 million rupees

Economic Times · 1m

AGS Transact Technologies, a payments services firm, defaulted on obligations amounting to 385.9 million rupees. This default involves principal repayment obligations of 212.3 million rupees and delayed statutory dues worth 173.6 million rupees due to issues in payment collection. The company, struggling with financial strain, owes 7.19 billion rupees to creditors including SBI and Axis Bank. This follows financial difficulties, credit rating downgrades, and the resignation of its independent directors.