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Payments firm AGS Transact defaults on dues worth 386 million rupees

Economic Times

Economic Times · 4m ago

Payments firm AGS Transact defaults on dues worth 386 million rupees

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.

Related News

Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

VCCircle

VCCircle · 4m ago

Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

AGS Transact Technologies, a payments firm, faces insolvency proceedings initiated by creditor Maxwel Aircon India Pvt Ltd over alleged unpaid dues. The company defaulted on dues totalling Rs 7.26 billion, leading to credit rating downgrades and the resignation of independent directors. Poor liquidity and failure to meet customer service agreements caused missed loan interest payments, with shares plummeting 62.4%. AGS Transact is seeking legal advice but faces doubts over its future viability.

Exodus from cash-starved ATM firm’s board flags role of independent directors

Livemint

Livemint · 4m ago

Exodus from cash-starved ATM firm’s board flags role of independent directors

AGS Transact Technologies Ltd is facing scrutiny after all four independent directors resigned following the company's cash crisis, which led to loan defaults and unpaid salaries. Proxy advisory firms question whether independent directors fulfilled their roles or merely occupied positions without actively addressing the ongoing issues. The resignations were attributed to personal reasons and preoccupations, raising concerns about the effectiveness and accountability of independent directors in corporate governance, especially during financial distress.

BYJU’S In A Legal Web: Can The Edtech GIant Fight Off Bankruptcy Risks, Angry Creditors?

Inc42 · 1y ago

BYJU’S In A Legal Web: Can The Edtech GIant Fight Off Bankruptcy Risks, Angry Creditors?

BYJU'S, the edtech giant, is facing a multitude of legal troubles, including allegations of predatory practices and defaults on payments. The company is embroiled in over a dozen cases totaling defaults and fines worth $1.5 billion. Issues range from allegations of violating foreign exchange regulations to disputes with lenders, investors, employees, vendors, and even the Board of Control for Cricket in India. The legal battles have put immense pressure on BYJU'S, leading to financial challenges and a significant decline in valuation. The company's ability to navigate through these complex legal issues remains uncertain.

Startup funding winter takes a toll on vendors

Livemint

Livemint · 1y ago

Startup funding winter takes a toll on vendors

Indian startups such as Byju's, Dunzo, and others are facing disputes with vendors over delayed payments, potentially due to financial constraints. The startups argue that vendors have deviated from contract terms or there are contractual disagreements, while vendors claim that startups are disputing invoices, questioning pending payments, seeking discounts, or becoming unresponsive. As funding becomes scarcer during the funding winter, payment delays and defaults by startups have increased. Vendors can take legal action, including issuing notices, filing civil suits, and even initiating insolvency proceedings, to recover their dues.

Rajiv Jain's GQG, Fidelity pick up shares worth $261 mn in Vodafone Idea

VCCircle

VCCircle · 1y ago

Rajiv Jain's GQG, Fidelity pick up shares worth $261 mn in Vodafone Idea

Investment firms GQG and Fidelity have purchased shares worth $261 million in Indian telecom operator, Vodafone Idea. The shares were acquired as part of Vodafone Idea's planned $2.16 billion share sale. GQG, run by Rajiv Jain, received shares worth 13.48 billion rupees, while Fidelity was allocated shares worth 8.32 billion rupees. Vodafone Idea aims to raise 450 billion rupees to expand its 4G network and launch 5G services. GQG's recent track record includes successful investments in troubled companies with falling share prices.

India's Tata Technologies IPO oversubscribed within hours of first day of bids

Reuters · 1y ago

India's Tata Technologies IPO oversubscribed within hours of first day of bids

India's Tata Technologies' initial public offering (IPO) has been oversubscribed within hours of bidding, indicating strong demand for the Tata Group's first public float in almost two decades. The IPO, priced between 475-500 rupees, has received bids worth 55.23 billion rupees ($663.47 million) as of Wednesday afternoon, surpassing the 45 million shares on offer. Investors have bid for more than 110.4 million shares, oversubscribing the IPO by 2.45 times.

Over 1,000 Paytm Payments Bank users had same PAN linked to their accounts

IndianStartupNews

IndianStartupNews · 1y ago

Over 1,000 Paytm Payments Bank users had same PAN linked to their accounts

The RBI action against Paytm Payments Bank was prompted by inadequate Know-Your-Customer (KYC) procedures, which led to transactions worth crores of rupees, NDTV Profit reported. More than 1,000 users were found to have linked the same PAN to their accounts, the report said. Paytm Payments Bank has been barred from accepting deposits in customer accounts and wallets after February 29.

Aditya Birla Finance, others may have invoked Paytm’s loan guarantees

Economic Times

Economic Times · 1y ago

Aditya Birla Finance, others may have invoked Paytm’s loan guarantees

Aditya Birla Finance, Piramal Finance, and Clix Capital have terminated their partnerships with Paytm due to repayment defaults from customers. Aditya Birla Finance is said to have invoked loan guarantees provided by Paytm. This is causing financial strain for Paytm as these guarantees could amount to hundreds of crores of rupees. Paytm's lending business has been affected by the ban on Paytm Payments Bank and a slowdown in unsecured consumer lending. Paytm generated a significant portion of its revenue from its financial services, but with the recent developments, the company's lending partners have halted new disbursals, impacting repayments severely. Paytm may announce new partnerships with firms like Muthoot Fincorp to revive its loan issuance.

Indira IVF IPO: EQT-backed fertility clinic chain refiles draft papers with Sebi via confidential route

Economic Times

Economic Times · 2d ago

Indira IVF IPO: EQT-backed fertility clinic chain refiles draft papers with Sebi via confidential route

Indira IVF, a fertility clinic chain, is reviving its IPO plans by refiling its Draft Red Herring Prospectus via a confidential route, amid growing investor interest in India's ART sector. The listing could raise approximately Rs 3,500 crore ($408 million), with private equity firm EQT AB expected to offload shares worth 29 billion rupees. Existing shareholders, including founding family members, will sell their holdings. Several banks are advising on the IPO, with Gaudium IVF also eyeing a public offering.

Indian EV charger maker Exicom Tele-Systems files for $48 million IPO

Reuters · 1y ago

Indian EV charger maker Exicom Tele-Systems files for $48 million IPO

India's Exicom Tele-Systems has filed for an initial public offering worth 4 billion rupees ($48.1 million), along with an offer for sale of up to 7.4 million shares. The company plans to use the funds to finance the cost of setting up production lines at its manufacturing facility in Telangana and for investment in research and development. Exicom reported a net profit of 63.7 million rupees in fiscal 2023, but its revenue decreased by 16% to 7.08 billion rupees. The IPO is being managed by Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services.

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