Bhandari & Associates Resigns as Secretarial Auditor of AGS Transact Technologies Ltd

Image Source: Agsindia

AGS Transact Technologies Ltd (AGST.NS), one of India's premier end-to-end cash and digital payments solutions providers, announced the resignation of M/s. Bhandari & Associates as its Secretarial Auditor. The move has come in the wake of a series of recent executive and board-level changes at the company.

Background on AGS Transact Technologies Ltd

AGS Transact Technologies Ltd is a leading player in the payment solutions space in India, offering ATM, cash management, and digital payment solutions to banks, corporates, and retailers.

About Bhandari & Associates

M/s. Bhandari & Associates, a Company Secretaries firm, has been the Secretarial Auditor of AGS Transact Technologies Ltd for a number of years, issuing annual secretarial compliance reports and attendant certificates as required by SEBI regulations.

Resignation Announcement

The firm has officially announced the resignation of Bhandari & Associates as its Secretarial Auditor. The grounds of resignation have not been specified in the public disclosure made available thus far.
This resignation is surprising since Bhandari & Associates was recently re-appointed as the Secretarial Auditor for the financial year 2024-25, according to the result of the board meeting of May 29, 2024.

Recent Board and Executive Changes

AGS Transact Technologies Ltd has witnessed a string of recent high-profile resignations, including independent directors and senior management staff, on grounds of personal reasons.
The organization has also witnessed leadership changes, with new recruitments and re-appointments at the board and executive levels.

Regulatory and Compliance Context

The position of the Secretarial Auditor is extremely important in verifying compliance under the Companies Act and SEBI rules. The resignation of the Secretarial Auditor might necessitate the company hiring a new firm to carry out statutory compliance requirement for the current financial year.

Next Steps for Stakeholders

Investors and stakeholders are recommended to watch out for subsequent announcements by the company of the selection of a new Secretarial Auditor and, if any, implications on continuing compliance and governance exercises.

Sources: AGS India, jmfl.com, aibi.org.in)