AGS Transact defaulted on dues totalling 7.26 billion rupees
Crisil downgraded stock on February 4, India Ratings on February 5
Shares slump 62.4% since February 4, hit record low
MUMBAI, March 3 (Reuters) – Indian payments services firm AGS Transact Technologies said on Saturday that a creditor plans to initiate insolvency proceedings against the company for non-payment of dues.
Maxwel Aircon India Private Limited, an operational creditor of the company, has alleged default in repayments and sought an initiation of corporate insolvency in the National Company Law Tribunal, AGS Transact said in an exchange filing. Maxwel Aircon did not immediately respond to Reuters’ request for comment.
“The company is seeking appropriate legal…
