Legal9 Mar 2026, 11:41 am
AGS Transact Technologies Delays Financial Results Due to Personnel Shortages and Insolvency Proceedings
AI Summary
AGS Transact Technologies Ltd. has delayed the declaration of its financial results for the quarter and half year ended September 30, 2025. The delay is due to several reasons including the initiation of Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal, Mumbai Bench, personnel shortages in various departments including the finance department, vacancies in the board of directors and the audit committee, and the ongoing audit of the financial statements of FY 2024-25 by M/s. BSR & Affiliates. The management is working to expedite the process to finalize and complete the preparation of the Financial Statements at the earliest.
Key Highlights
- The Hon’ble National Company Law Tribunal, Mumbai Bench has initiated Corporate Insolvency Resolution Process (CIRP) against the Company.
- The Company was experiencing personnel shortages due to vacancies in various departments, including the finance department.
- Vacancies in the board of directors of the Company and the audit committee thereof.
- The CoC members have approved the appointment of M/s. BSR & Affiliates for conducting the audit of the financial statements of FY 2024-25.
- The management is working to expedite the process to finalize and complete the preparation of the Financial Statements.