(Reuters) – ATM services provider AGS Transact said on Tuesday that its CFO and two of its executive directors have resigned, weeks after all four of its independent directors stepped down, citing “personal reasons.”
The resignations come as the company has been grappling with financial strain, leading to credit downgrades from ratings agencies Crisil and India Ratings.
An operational creditor of the company Maxwel Aircon India has also alleged default in repayments and has sought an initiation of corporate insolvency proceedings against AGS.
Tuesday’s resignation of CFO Saurabh Lal and executive director Vinayak Goyal will be effective immediately, the company said. Executive director Stanley Johnson Panacherry’s resignation will be effective by the end of the month, it added.
Shares of the company closed about 5% lower on Tuesday. They have lost about 84% of their value since February 4, when Crisil first reported the default.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Anil D’Silva)
